Federal Taxes Set Record Through July; Real Federal Spending up 47.7% From Pre-Pandemic High

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CNS News

(CNSNews.com) - The federal government set a new record for the amount of taxes it collected through the first ten months of fiscal 2021 (October through July), according to the Monthly Treasury Statement.

Total federal tax receipts were $3,318,078,000,000 for the period.

 

 

When federal tax receipts from previous fiscal years are adjusted for inflation into July 2021 dollars, the second-highest tax receipts for the October-through-July period came in fiscal 2017. That year, the federal government collected $3,055,690,570,000 in taxes (in constant July 2021 dollars) in October through July.

 

The $3,318,078,000,000 in total tax revenues the federal government collected in the October-through-July period included $1,705,743,000,000 in individual income taxes; $1,083,696,000,000 in social insurance and retirement taxes; $282,086,000,000 in corporation income taxes; $57,206,000,000 in excise taxes; $22,980,000,000 in estate and gift taxes; $64,857,000,000 in customs duties; and $101,511,000,000 in what the Monthly Treasury Statement calls “miscellaneous receipts.”

 

Federal spending in the first ten months of this fiscal year was the second highest it has ever been (in constant July 2021 dollars).