Federal Tax Collections Set Record $4,104,725,000,000 Through July

(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.”

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Source: CNS