Federal Tax Collections Set Record…
(Photo by Chip Somodevilla/Getty Images)
(CNSNews.com) — The federal government collected a record $4,896,119,000,000 in total taxes in fiscal 2022 (October 2021 through September 2022), according to the Monthly Treasury Statement released today.
That was up $518,302,170,000—or 11.8 percent–from the previous record of $4,377,816,830,000 (in constant September 2022 dollars) that the federal government collected in fiscal 2021.
Fiscal 2015—when the federal government collected $4,052,366,920,000 in total taxes (in constant September 2022 dollars)—ranks as the third highest year for total federal tax collections.
The record $4,896,119,000,000 in total taxes that the federal government collected in fiscal 2022 included $2,632,145,000,000 in individual income taxes; $1,483,526,000,000 in social insurance and retirement taxes; $99,908,000,000 in customs duties; $87,726,000,000 in excise taxes; $32,550,000,000 in estate and gift taxes; and $135,397,000,000 in what the Treasury calls “miscellaneous receipts.”
While collecting a record $4,896,119,000,000 in total taxes, the federal government was also spending a total of $6,271,508,000,000—resulting in a fiscal 2022 deficit of $1,375,389,000,000.
That was the fourth straight year that the federal government has run an annual deficit of more than a trillion dollars. In fact, when adjusted into constant September 2022 dollars, the federal deficit has exceeded a trillion dollars in eight of the last fourteen years.
Federal spending hit a record high of $7,471,371,670,000 (in constant September 2022 dollars) in fiscal 2020. In fiscal 2021, it dropped slightly to $7,377,360,790,000 (in constant September 2022 dollars). Then in fiscal 2022, it dropped to $6,271,508,000,000.
Despite that decline, the last three fiscal years have seen the highest spending in the nation’s history and the only years when spending (in constant September 2022 dollars) has exceeded $6 trillion.
The Department of Health and Human Services led all federal departments in spending in fiscal 2022 with outlays …