(Photo by Al Drago-Pool/Getty Images)
(CNSNews.com) – The federal government collected a record $1,806,838,000,000 in total taxes through the first five months of fiscal 2022 (October through February), according to the Monthly Treasury Statement released today.
The record $1,806,838,000,000 in federal tax collections included $973,913,000,000 in individual income taxes; $577,666,000,000 in social insurance and retirement taxes; $117,072,000,000 in corporation income taxes; $40,408,000,000 in customs duties; $31,286,000,000 in excise taxes; $10,661,000,000 in estate and gift taxes; and $55,832,000,000 in what the Treasury statement calls “miscellaneous receipts.”
While it was collecting its record $1,806,838,000,000 in total taxes in the first five months of fiscal 2022, the federal government was spending $2,282,422,000,000. That resulted in a deficit of $475,584,000,000.
The highest federal tax collections in the first five months of any fiscal year before this fiscal year was in fiscal 2021, when the Treasury collected $1,549,388,770,000 in total taxes in constant February 2022 dollars.
The $2,282,422,000,000 that the federal government spent in the first five months of this fiscal year was the second-most it has ever spent in that period. The most spending the federal government ever did in the first five months of the fiscal year was in fiscal 2021, when it spent $2,723,321,750,000 in constant February 2022 dollars.
The Department of Health and Human Services led all federal departments and agencies in spending the first five months of this fiscal year. It spent $654,601,000,000 in that period, according to the Monthly Treasury Statement. The Social Security Administration was second. It spent $515,534,000,000. The Department of Defense-Military Programs was third. It spent $296,730,000,000.
In the first five months of this fiscal year, the Treasury also spent $237,516,000,000 in interest on Treasury securities.
(Historical dollar figures in this story were converted into February 2022 dollars using the Bureau of Labor Statistics inflation calculator.)