Federal Tax Collections Declined in First 4 Months of FY2023

(CNSNews.com) – Total federal tax collections in October through January, the first four months of fiscal 2023, were down from total tax collections in the October-through-January period of fiscal 2022, according to the Monthly Treasury Statement.

The federal fiscal year runs from October through September.

In the October-through-January period of fiscal 2022, the Treasury collected $1,614,169,570,000 in total taxes (in constant January 2023 dollars). In October-through-January of fiscal 2023, the Treasury collected only $1,472,842,000,000 in total taxes.

That was a decline of $141,327,570,000.

In the years since 1977, the longest stretch of consecutive fiscal years when the October-through-January tax collections increased occurred during the Clinton presidency. October-through-January tax collections went up from fiscal 1993, the year Clinton was inaugurated to fiscal 2001, the year that he left office.

In President Ronald Reagan’s time in office, inflation-adjusted total tax collections increased in seven of eight years. The only year they did not increase was fiscal 1983.

There have also been two stretches of three straight fiscal years when the October-through-January tax collections declined. These occurred in fiscal 2002 through 2004 and fiscal 2008 through 2010. President George W. Bush’s presidency began in January 2001 and ended in January 2009.

The $1,472,942,000,000 in total taxes that the federal government collected in the first four months of this fiscal year included $766,878,000,000 in individual income taxes; $504,266,000,000 in Social Security and other payroll taxes; $126,219,000,000 in corporation income taxes; $26,115,000,000 in excise taxes; $28,725,000,000 in customs duties; and $11,505,000,000 in what the Treasury calls “miscellaneous receipts.”

(The tax numbers in this story were converted in constant January 2023 dollars using the Bureau of Labor Statistics inflation calculator.)

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

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