From October 2021 – September 2022 (FY2022), the federal government collected more than $4 trillion this year. The $4,896,119,000,000 of revenue was a record, as shown by the Monthly Treasury Statement. The prior record was FY2021, in which the government collected $4,377,816,830,000. This constitutes a nearly 12% year-over-year increase. These are both in “constant September 2022 dollars.” The only other time the government collected more than $4 trillion was during the Obama administration in FY2015, raking in $4,052,366,920,000 in constant September 2022 dollars. (All September 2022 dollar adjustments were made using the CPI calculator published by the Bureau of Labor Statistics.)
The record revenue, however, meant nothing to the government, as it still overspent, its outlays totaling $6,271,508,000,000. This resulted in an annual deficit of $1,375,389,000,000. Last year the deficit exceeded $1 trillion as well, as it did in FY2020 and FY2019.
Where did all the money come from this year? From greatest to least, the government collected $2,632,145,000,000 in individual income taxes, $1,483,526,000,000 in social insurance and retirement taxes, $99,908,000,000 in customs duties, $87,726,000,000 in excise taxes, $32,550,000,000 in estate and gift taxes, and $135,397,000,000 in “miscellaneous receipts.”