US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That was up 23% from August 2021.

According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21% in the 2022 fiscal year that ended on Sept. 30.

The US government isn't just making a windfall in absolute terms. Tax collection is at a multi-decade high of 19.6% as a share of GDP. That is up from 17.9% in fiscal 2021 and is approaching the last peak of 20% set during the dot-com bubble in FY 2000.