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IPFS News Link • TAXES: Federal

Federal Government Collected Record Taxes in Fiscal 2021


Federal spending also hit a nominal high of $6,818,158,000,000 in fiscal 2021, up from the $6,551,872,000,000 that the federal government spent in fiscal 2020. However, when the $6,551,872,000,000 the federal government spent last year is adjusted for inflation from September 2020 dollars into September 2021 dollars it equals $6,905,040,760,000—thus, exceeding this fiscal year's total of $6,818,158,000,000.

Before this year, the record for federal tax collections occurred in fiscal 2016, when the Treasury collected $3,711,701,940,000 in taxes in constant September 2021 dollars.