EDITOR NOTE: According to CNS News reporting on a monthly Treasury Department statement, the U.S. federal government collected a record-high $3.5 trillion in taxes and $1.8 trillion in individual income taxes through the first eleven months of fiscal 2021 (September through August). The most astonishing piece of the report, though, is that despite these record amounts of money taken from Americans, the government spent $6.3 trillion during this period, running up a $2.7 trillion deficit. This level of spending is also a record-high in U.S. history.
(CNSNews.com) - The federal government collected a record $3,586,456,000,000 in total taxes through first eleven months of fiscal 2021 (September through August), according to the Monthly Treasury Statement.
The federal government also collected a record $1,829,589,000,000 in individual income taxes in the September-through-August period.
However, because the federal government also spent $6,297,090,000,000, the Treasury still ran a deficit of $2,710,635,000,000.
When the September-through-August spending numbers for prior fiscal years are adjusted for inflation into July 2021 dollars (the latest month the Bureau of Labor Statistics inflation calculator will adjust them to), this September-through-August spending was the second highest ever.
The $6,358,959,120,000 (in constant July 2021 dollars) that the federal government spent in the September-through August period last year remains the highest ever.
Before this year, the most total tax money the federal government ever collected in the first eleven months of the fiscal year was in fiscal 2015, when it collected $3,302,908,320,000 (in constant July 2021 dollars).
Also before this year, the most individual income tax money the federal government ever collected was in fiscal 2018, when it collected $1,647,451,720,000 (in constant July 2021 dollars).
In addition to collecting a record $1,829,589,000,000 in individual income taxes in the September-through-August period, the Treasury also collected $285,119,000,000 in corporation income taxes; $1,190,606,000,000 in social insurance and retirement taxes; $64,648,000,000 in excise taxes; $24,708,000,000 in estate and gift taxes; $72,128,000,000 in customs duties; and $119,660,000 in miscellaneous receipts.
On the spending side, the federal government spent the most money through the Department of Health and Human Services, which has $1,340,131,000,000 in expenditures in September through August.
The Social Security Administration placed second, spending $1,092,771,000,000.
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 business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.
Original post from CNS News