According to the Monthly Treasury Statement, the federal government collected a record $4,896,119,000,000 in total taxes from October 2021 through September 2022.
The previous record of total taxes collected was $4,377,816,830,000 and current numbers show an increase of 11.8% or an additional $518,302,170,000 of taxes collected in 2022.
The record setting number of $4,896,119,000,000 of total taxes collected includes $2,632,145,000,000 from individuals filing their tax returns, $1,483,526,000,000 in social insurance and taxes from retirement accounts, $99,908,000,000 from customs, $87,726,000,000 from excise taxes, $32,550,000,000 from estate transfers and gift taxes, and $135,397,000,000 in miscellaneous tax receipts.
Even with this record setting tax collection, the federal government continues to spend at all time highs with budget negotiations looming and continuing to run CR’s or short term legislation to fund the government. In fiscal 2022, the federal government spent a total of $6,271,508,000,000. The result of this massive spending is a deficit of $1,375,389,000,000.
For the past four years, the federal government has spent more than a trillion dollars above what it collected in tax revenue. Eight out of the last Fourteen years, the federal government has run up a deficit of a trillion dollars or more.
The record high of federal spending was $7,471,371,670,000 in 2020 followed by the second record high of $7,377,360,790,000 in 2021. Even with the slight decline in spending, the past three years have seen the highest federal spending in history.
With plans from the Biden Administration to forgive student loan debts, the federal spending and overall budget deficits will inevitably climb to new records.