(Photo by Chip Somodevilla/Getty Images)
(CNSNews.com) – The federal government collected a record $4,408,452,000,000 in total taxes in the first eleven months of fiscal year 2022 (October through August). according to the Treasury’s monthly report.
That’s a $525,658,170,000 — or 13.5 percent — increase from the then-record $3,882,793,830,000 (in constant August 2022 dollars) the federal government collected in the first eleven months of fiscal year 2021.
The record $4,408,452,000,000 in total taxes collected by the federal government in the first eleven months of this fiscal year included a record $2,404,419,000,000 in personal income taxes.
It also included $1,356,643,000,000 in Social Security and retirement taxes; $76,048,000,000 in excise taxes; $29,088,000,000 in estate and gift taxes; $91,167,000,000 in customs duties; and $132,163,000,000 in what the Treasury calls “miscellaneous receipts.”
Although it collected this record $4,408,452,000,000 in taxes in the first eleven months of this fiscal year, the federal government still had a deficit of $945,715,000,000 during that period because it spent $5,354,167 000,000 dollars.
The Department of Health and Human Services led the federal government in spending for the first eleven months of fiscal year 2022, with expenditures of $1,467,475,000,000. The Social Security Administration came in second, spending $1,168,870,000,000 in the first eleven months of this fiscal year. The Treasury Department ranked third, spending a total of $1,139,305,000,000, including $677,612,000,000 in interest payments on Treasury securities and $461,693,000,000 in other expenditures.
The Department of Defense and Military Programs was fourth, spending $649,261,000,000.
(Historical tax figures in this story were converted to constant August 2022 dollars using Bureau of Labor Statistics inflation calculator.)
CNSNews.com’s business and economic reporting is funded in part by a gift made in memory of Dr. Keith S. Wald.