Federal Government Raked in Record-Breaking $2.1 Trillion in Tax Collections During First Half of FY 2022

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    The $2.1 trillion collected between October 2021 and March 2022 was the largest amount the US Treasury has ever collected during the first half of a fiscal year. It was also the first time tax collections exceeded $2 trillion during that period. Prior to the beginning of Fiscal Year (FY) 2022, the highest amount of taxes collected in the initial one-half of a fiscal year was in FY 2021, which saw the federal government collect $1,849,508,090,000 in taxes.

    CNS News explained the figures using historical dollar amounts converted to constant March 2022 dollars by making use of the Bureau of Labor Statistics inflation calculator: The record-breaking $2,121,987,000,000 of total taxes the Treasury collected in the first six months of the fiscal year comprised $1,244,485 million in income taxes for individuals as well as $697,779 million in social taxation for retirement and insurance and $127,259 million in corporate taxation; $48,559 million of customs duties; $38,712 million of excise taxes; $14,275 million in gift and estate taxes; and $70 million in what the Treasury refers to as “miscellaneous receipts.”

    Despite this huge tax collection, however, the federal government was able to run up more than 600 million in deficit spending. The federal government spent $2,790 million during the fiscal year's first six months; the deficit was $668,267 million.

    The U.S. Department of Health and Human Services is the top spender of the entire federal-agencies budget with $793,880 million. The second highest is the Social Security Administration, which spent $622,933,000. The next was the Department of Defense's Military Programs, on which the federal government spent $358,398,000,000.

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