Government revenue is income received from taxes and other sources to pay for government expenditures. The U.S. government has collected $NaN billion in fiscal year .
Fiscal Year-to-Date (since October ) total updated monthly using the Monthly Treasury Statement (MTS) dataset.
Compared to the federal revenue of $0.00 billion for the same period last year (Oct -1 - Invalid Date null) federal revenue has by $0 billion.
The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security, and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing. Revenue is typically measured by fiscal year (FY).
In addition to taxes, government revenue also comes from customs duties, leases of government-owned land and buildings, the sale of natural resources, various usage and licensing fees, and payments to federal agencies like the U.S. Department of the Interior.
Federal revenue is commonly compared to gross domestic product (GDP). This comparison provides a sense of the size of the federal government's earnings in relation to the total amount of the entire country's economic output. In fiscal year 0, federal revenue was equal to 0% of total gross domestic product (GDP), or economic activity, of the United States that year $ trillion.
Where does federal revenue come from? If you lived or worked in the United States in 0, your tax contributions are likely part of the $ collected in revenue. The federal government also collects revenue from services like admission to national parks and customs duties on foreign imports and exports. The majority of this revenue is used to pay for government activities (employee salaries, infrastructure maintenance), as well as to pay for goods and services provided to United States citizens and businesses.
Most of the revenue the U.S. government collects comes from contributions from individual taxpayers, small businesses, and corporations through taxes. Additional sources of tax revenue consist of excise tax, estate tax, and other taxes and fees. So far in FY 0, individual income taxes have accounted for % of total revenue while Social Security and Medicare taxes made up another %.
Government revenue also comes from payments to federal agencies like the U.S. Department of the Interior. Have you visited a national park recently? Did you know your national park entry is included in government revenue? Other agencies generate revenue from leases, the sale of natural resources, and various usage and licensing fees.
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Unlike personal income taxes, which support a variety of programs, these taxes are only used to fund Social Security and Medicare. These funds are collected from your paycheck, and in most cases, matched by your employer, and then divided into separate trust funds that support each of those programs.
Social Security has two trust fund accounts: the Old Age and Survivors Insurance Trust Fund (OASI) and the Disability Trust Fund (DI). The funds in these accounts are responsible for providing workers and their families with retirement, disability, and survivor's insurance benefits.
Medicare also has two accounts: the Hospital Insurance Trust Fund (HI), also known as Medicare Part A, and the Supplementary Medicare Insurance Trust Fund (SMI). These funds pay for hospital, home health, skilled nursing, and hospice care for the elderly and disabled.
The majority of federal revenue comes from individual and corporate income taxes as well as social insurance taxes (such as the Social Security taxes described above). As shown in the chart below, federal revenue increases during periods of higher earnings for individuals and corporations because more income is collected in taxes. Revenue also increases during periods with higher tax rates. Alternatively, when individuals or corporations make less money or the tax rate is lowered, the government earns less revenue. The year with the highest revenue collected was .If the U.S. government increases tariffs on imports from a particular country or countries, it could increase revenues, depending on the level of trade the U.S. continues to do with those countries. However, if tariffs increase and U.S. consumers import fewer goods as a result of the higher prices, then revenue from customs duties could decrease overall.
The chart below shows how federal revenue has changed over time, broken out by the various source categories.
In fiscal year 2022, federal revenue was equal to of total gross domestic product (GDP), or economic activity, of the United States that year $.
Why do we compare federal revenue to gross domestic product? The comparison serves as a rough gauge of the size of the federal government's footprint related to size of the country's economic activity. Since federal taxes are based on a percentage of income for people and businesses, as people and businesses earn more the federal revenue from taxes increases.