The amount of money the federal government collected in individual income taxes and the total amount of money the federal government spent both set records in fiscal 2019,according to the Monthly Treasury Statement released Friday afternoon.
However, even while collecting a record amount in individual income taxes, the federal government still ran a deficit of $984,388,000,000 during the fiscal year.
In fiscal 2019, which began on Oct. 1, 2018 and ended on Sept. 30, 2019, the federal government collected $1,717,857,000,000 in individual income taxes, according to the Monthly Treasury Statement.
That was up $5,509,560,000 from the previous record of $1,712,347,440,000 (in constant September 2019 dollars) that the Treasury collected in individual income taxes in fiscal 2018. (Historical dollar values were converted into constant September 2019 dollars using theBureau of Labor Statistics inflation calculator.)
In fiscal 2019, the federal government spent a record total of $4,446,584,000,000.
That was up $261,665,170,000 from the previous record total of $4,184,918,830,000 (in constant September 2019 dollars) that the federal government had spent in fiscal 2009.
Fiscal 2009, when the previous record in federal spending was set, began in October 2008 in the midst of the last recession. That fiscal year, President George W. Bush signed the Troubled Asset Relief Program into law to bailout insolvent banks and President Barack Obama signed the American Recovery and Reinvestment Act as a “stimulus” aimed at spurring the economy.
While individual income tax revenues set an all-time record in fiscal 2019, total federal tax revenues did not.
During the year, the Treasury collected $3,462,196,000,000 in total taxes. That was $43,375,540,000 less than the record $3,505,571,540,000 in total taxes (in constant September 2019 dollars) that the Treasury collected in fiscal 2015.
Corporation income taxes increased from fiscal 2018 to fiscal 2019 but were still significantly down from their fiscal 2007 peak.
In fiscal 2019, the federal government collected $230,245,000,000 in corporation income taxes, which was up $25,512,000,000 from the $204,733,000,000 in corporation income taxes the Treasury collected in fiscal 2018.
However, the $230,245,000,000 in corporation income taxes the Treasury collected in fiscal 2019 was down $225,715,590,000 from the $455,960,590,000 in corporation income taxes the Treasury collected in fiscal 2007.
In addition to individual income taxes and corporation taxes, the federal government also collected $1,243,087,000 in social insurance and retirement taxes; $98,915,000,000 in excise taxes; $70,784,000,000 in customs duties; and $84,637,000,000 in "miscellaneous receipts."
The Department of Health and Human Services spent the most money ($1,213,805,000,000) of any federal department or agency in fiscal 2019. The Social Security Administration spent the second most ($1,101,833,000,000).
HHS and SSA were also the only two federal departments that spent more than $1 trillion during the fiscal year.
The Department of Defense ranked third in spending with $653,979,000,000 in outlays during the fiscal year.
The next largest category of federal spending after the Department of Defense was interest on Treasury debt securities, which equaled $572,913,000,000 for the fiscal year.