The U.S. Treasury is reporting a record amount of taxes collected in the first two months of fiscal 2022 (October, November) — $565,135,000,000. The federal government also collected a record $282,094,000,000 in individual income taxes in the first two months of this fiscal year.
The CNS News website reported on the record intake:
The $921,526,000,000 that the federal government spent in October and November is the most the federal government has ever spent in the first two months of the fiscal year in nominal dollars. However, when the $886,587,000,000 that the federal government spent in October and November of 2020 (the first two months of fiscal 2021) is adjusted for inflation (using the Bureau of Labor Statistics inflation calculator) into November 2021 dollars it equals $946,954,730,000. Thus, fiscal 2021 maintains its record for the most money spent by the federal government in the first two months of a fiscal year.
But even with record taxes the government spent more than it collected:
While collecting its record $565,135,000,000 in total taxes in the first two months of this fiscal year, the federal government spent $921,526,000,000—resulting in a deficit of $356,390,000,000 in the first two months of the fiscal year.
In addition to collecting a record $282,094,000,000 in individual income taxes in the first two months of this fiscal year, the Treasury also collected $216,272,000,000 in social insurance and retirement taxes; $15,385,000,000 in corporation income taxes; $13,360,000,000 in excise taxes; $15,586,000,000 in customs duties; $4,262,000,000 in estate and gift taxes; and $18,175,000,000 in what the Monthly Treasury Statement calls “miscellaneous receipts.”
The agency’s monthly statement reveals the U.S. Department of Health and Human Services (HHS) spent the most money — $254,706,000,000 — in the first two months of fiscal 2022, followed by the Social Security Administration (SSA) ($201,487,000,000) and in third place the Defense Department-Military Programs with $126,299,000,000 in spending.
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