Federal Tax Revenue Hits Record High

According to a recent publication, the Monthly Treasury Statement, the federal government collected enough revenue to set a record for the first fiscal quarter of any year. The first fiscal month of 2022 was last month in October. In that month, the federal government collected $283,927,000,000. The federal government also set a second highest record for spending in the first fiscal month of 2022; totaling $448,983,000,000.

Where Did The Revenue Come From?

The new record in collected tax revenue was sourced from various initiatives. Individual income taxes accounted for $143,908,000,000. $99,592,000,000 was collected in payroll taxes. $5,586,000,000 of excise taxes and $2,458,000,000 in estate and gift taxes was collected. It is reported that $7,770,000,000 was collected in customs duties. The remaining $8,908,000,000 collected were recorded as “miscellaneous receipts”.

Where Did The Spending Go?

The second highest record of spending in the first month of a fiscal new year went towards the Department of Health and Human Services, for the amount of $120,507,000,000. The Social Security Administration spending totaled $101,055,000,000; and $65,482,000,000 was spent in the Department of Defense-Military Programs.

Source: https://www.cnsnews.com/article/washington/terence-p-jeffrey/283927000000-federal-tax-collections-set-record-october