In the first three months of Fiscal Year 2022 – October through December – taxes collected by the federal government hit a record high: $1,051,873,000,000.
Prior to this year’s collections, the most the federal government had ever collected in taxes in the first three months of a fiscal year was in 2016, when it brought in $902,498,080,000 in constant 2021 dollars.
Compared to last year, the federal government has taken in $191,974,650,000 – or 22.3% – more in taxes in the first three months of the fiscal year.
Despite raking in all that money, the government managed to spend all of it and then some. The government spent $1,429,567,000,000 in the time period that the taxes were collected, resulting in a deficit of $377,694,000,000.
The record 1,051,873,000,000 collected by the federal government includes $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 Treasury calls “miscellaneous receipts.”
(YWN World Headquarters – NYC)