(Photo by Chip Somodevilla/Getty Images)
(CNSNews.com) – The federal government collected a record $4,104,725,000,000 in total taxes in the first ten months of fiscal 2022 (October through July), according to the Monthly Treasury Statement.
That was up $503,787,000,000—or 13.9 percent—from the then-record $3,600,938,000,000 (in constant July 2022 dollars) that the Treasury collected in taxes in the first ten months of fiscal 2021.
The record $4,104,725,000,000 in total taxes that the federal government collect in the first ten months of this fiscal year included $2,263,483,000,000 in individual income taxes; $1,233,770,000 in social insurance and retirement taxes; $82,711,000,000 in customs duties; $67,496,000,000 in excise taxes; $26,662,000,000 in estate and gift taxes; and $116,315,000,000 in what the Treasury calls “miscellaneous receipts.”
While it was collecting this record $4,10,725,000,000 in taxes, the federal government also spent $4,830,844,000,000—resulting in a deficit of $726,119,000,000.
The Department of Health and Human Services spent the most of any federal agency in the first ten months of fiscal 2022, spending $1,330,121,000,000. The Social Security Administration spent the second most with $1,060,319,000,000 in expenditures. The Department of Defense-Military Programs spent the third most with $589,931,000,000.
In the first ten months of this fiscal year, expenditures made by the Treasury to pay interest on the Treasury debt securities ($589,480,000,000) almost exceeded Defense-Military Programs spending ($589,931,000,000).