September 18, 2021

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$ 3,586,456,000,000: Federal tax collection record through August

The federal government raised a record $ 3,586,456,000,000 in total taxes in the first eleven months of fiscal year 2021 (September through August), according to the Monthly Treasury Statement.

The federal government also raised a record $ 1,829,589,000,000 in individual income taxes in the period from September to August.

However, since the federal government also spent $ 6,297,090,000,000, the Treasury still has a deficit of $ 2,710,635,000,000.

When September-August spending numbers for previous fiscal years are adjusted for July 2021 dollar inflation (the last month the Bureau of Labor Statistics’ inflation calculator will adjust them to), this September-to-August spending August was the second highest ever.

The $ 6,358,959,120,000 (in constant July 2021 dollars) that the federal government spent in the period from September to August last year remains the highest ever.

Prior to this year, the total tax the federal government ever collected in the first eleven months of the fiscal year was in fiscal 2015, when it raised $ 3,302,908,320,000 (in constant July 2021 dollars).

Additionally, prior to this year, the federal government collected the largest number of individual income taxes in fiscal 2018, when it raised $ 1,647,451,720,000 (in constant July 2021 dollars).

In addition to raising a record $ 1,829,589,000,000 in individual income taxes in the period from September to August, the Treasury also raised $ 285,119,000,000 in corporate income taxes; $ 1,190,606,000,000 in social insurance and retirement taxes; $ 64,648,000,000 in excise duties; $ 24,708,000,000 in inheritance and gift taxes; $ 72.128 million in customs duties; and $ 119,660,000 in miscellaneous receipts.

On the spending side, the federal government spent most of the money through the Department of Health and Human Services, which spent $ 1,340,131,000,000 from September through August.

The Social Security Administration took second place, spending $ 1,092,771,000,000.

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The Department of Defense – Military Programs spent $ 653,852,000,000 or less than half of the $ 1,340,131,000,000 spent by HHS.

The Economic and Business Report is funded in part by a gift made in memory of Dr. Keith C. Wold.