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IPFS News Link • TAXES: Federal

What Happened to the Record Income Taxes Americans Paid Last Year?

•, By Terence P. Jeffrey

It collected more money in individual income taxes than in any previous year — and then spent more.

Did the Americans who paid that record sum in income taxes get their money's worth?

Or were they ripped off?

Let's start with the basic fiscal facts. In fiscal 2019, the federal government collected $1,717,857,000,000 in individual income taxes, according to the Monthly Treasury Statement for September 2019.

Even when adjusted for inflation, that was the most in individual income taxes the federal government had ever collected. It edged out fiscal 2018, when the government collected a then-record $1,683,537,000,000 (or $1,712, 347,440,000 in constant September 2019 dollars) in individual income taxes.

Of course, the federal government imposed more than just individual income taxes on American taxpayers in fiscal 2019. It also collected $1,243,087,000,000 in social insurance and retirement taxes; $230,245,000,000 in corporation income taxes; $98,915,000,000 in excise taxes; $70,784,000,000 in customs duties; $16,672,000,000 in estate and gift taxes; and $84,637,000,000 in other miscellaneous taxes.