Federal Tax Collections Set Record

According to the Monthly Treasury Statement, the federal government collected $283,927,000,000 in October; the first fiscal month of 2022. The federal government spent $448,983,000,000 in October; setting a second highest record of spending ever for the first fiscal month of 2022. The highest month of spending ever for a first month of a fiscal year was back in October of 2018; which is the first month of fiscal 2019.

Where Did The Revenue Come From?

The record in total taxes collected was spread across various initiatives. Individual income taxes accounted for $143,908,000,000; $99,592,000,000 in payroll taxes; $5,586,000,000 in excise taxes; $2,458,000,000 in estate and gift taxes; $7,770,000,000 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