Federal Government Rakes in Record $2.1 Trillion in Tax Collections

The federal authorities collected a file $2,121,987,000,000 in taxes for the primary half of fiscal yr 2022, in accordance with the U.S. Treasury’s month-to-month assertion.

The $2.1 trillion collected from October 2021 to March 2022 is essentially the most the federal authorities has collected within the first half of a fiscal yr and the primary time authorities tax collections surpassed $2 trillion for that interval. Earlier than the primary half of fiscal yr 2022, the very best taxes ever collected through the first six months of a fiscal yr got here in fiscal yr 2021, when the federal government collected $1,849,508,090,000 in taxes.

As CNS Information explained, with historic greenback figures transformed into fixed March 2022 {dollars} utilizing the Bureau of Labor Statistics inflation calculator:

The file $2,121,987,000,000 in whole taxes that the Treasury collected within the first half of this fiscal yr included $1,124,485,000,000 in particular person earnings taxes; $697,779,000,000 in social insurance coverage and retirement taxes; $127,259,000,000 in company earnings taxes; $48,559,000,000 in customs duties; $38,712,000,000 in excise taxes; $14,275,000,000 in property and present taxes; and $70,917,000,000 in what the Treasury calls “miscellaneous receipts.”

Regardless of this huge tax assortment, the federal authorities nonetheless ran a greater than $600 million deficit. With authorities spending at $2,790,254,000,000 through the first six months of fiscal yr 2022, the deficit reached $668,267,000,000.

The U.S. Division of Well being and Human Companies led all federal company spending, coming in at $793,880,000,000. In second place was the Social Safety Administration, which spent $622,933,000,000. Subsequent was the Protection Division’s Army Applications, on which the federal authorities spent $358,398,000,000.

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