US federal government received nearly $4 trillion in record tax income this fiscal year

Tuesday, July 19, 2022 | Tag Cloud Tags: , , , , , , ,

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – The US federal government collected a record $3,835,390,000,000 in total taxes in the first nine months of this fiscal year, the new Monthly Treasury Statement of Receipts and Outlays of the United States Government (MTS) reports. The Fiscal Year-to-Date (FYTD) budget deficit through June was $515 billion, a $1.723 trillion (-77%) decrease from the same period last year.

This year’s total tax figure constitutes an increase of 15.07 percent from the then-record $3,332,951,270,000 the federal government received in taxes in the first nine months of the 2021 fiscal year, CNS News noted.

The federal taxes collected in the first nine months of this fiscal year included $2,135 billion in individual income taxes, $1,125 billion in social insurance and retirement receipts, $306 billion in corporate income taxes, and $109 billion in “miscellaneous receipts,” the MTS says.

The federal government spent $4,350,457,000,000 in the first nine months of the fiscal year, running a deficit of $515,067,000,000.

The Department of Health and Human Services spent the most at $1,191,470,000,000, followed by the Social Security Administration at $952,222,000,000, the Department of the Treasury at $944,194,000,000, and the Department of Defense—Military Programs at $531,079,000,000. CNS News noted from the MTS report.

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