$1,051,873,000,000: Record Federal Tax Collections Top $1 Trillion in 3 Months

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(Photo by Drew Angerer/Getty Images/Bloomberg via Getty Images)

(Photo by Drew Angerer/Getty Images/Bloomberg via Getty Images)

(CNSNews.com) – Total federal tax collections in the first three months of fiscal 2022—October through December—set a record as they topped $1 trillion, hitting $1,051,873,000,000, according to the Monthly Treasury Statement released today.

Prior to this year, the most the federal government had ever collected in total taxes in the first three months of a fiscal year was in fiscal 2016, when it collected $902,498,080,000 in constant December 2021 dollars.

In the first three months of fiscal 2021, the federal government collected $859,898,350,000 in total taxes in constant December 2021 dollars. Thus, from last year to this year, taxes are up $191,974,650,000—or 22.3 percent—in the first three months of the fiscal year.

At the same time that it was collecting a record $1,051,873,000,000 in total taxes in the October-through-December period, the federal government was spending $1,429,567,000,000. Thus, it ran a deficit of $377,694,000,000.

This year’s October-through-December spending of $1,429,567,000,000 was actually down from last year’s total of $1,473,107,760,000 in total spending (in constant December 2021 dollars).

The record $1,051,873,000,000 in total taxes the federal government collected in the first three months of this fiscal year included $535,398,000,000 in individual income taxes; $352,208,000,000 in Social Security and other retirement taxes; $23,773,000,000 in customs duties; $20,515,000,000 in excise taxes; and $31,694,000,000 in what the Monthly Treasury Statement calls “miscellaneous receipts.”

The $535,398,000,000 that the Treasury collected in individual income taxes in October-through-December was also a record. Prior to this fiscal year, the most the Treasury ever collected in individual income taxes in the October-through-December period was in fiscal 2018, when it collected $437,007,010,000 in constant December 2021 dollars.

So far in this fiscal year, the Department of Health and Human Services leads the federal government in spending, having outlays of $389,573,000,000 for the October through December period. The Social Security Administration is second with $306,748,000,000 in spending. The Department of Defense is third with $197,226,000,000. The Treasury has also spent $152,937,000,000 in interest on Treasury debt securities.

(Historical tax and spending numbers cited in this report were converted into December 2021 dollars using the Bureau of Labor Statistics inflation calculator.)

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

Source: https://www.cnsnews.com/article/washington/terence-p-jeffrey/1051873000000-record-federal-tax-collections-top-1-trillion-3

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