The federal government collected $5.03 trillion in revenue during fiscal year 2022[1], according to data aggregated from the Office of Management and Budget, the Census Bureau, and the Bureau of Economic Analysis. Federal revenue increased 14% in 2022, matching the increase from 2021.
What portion of federal revenue comes from income tax?
In 2022, the federal government collected over $2.6 trillion in income taxes, accounting for 52% of total revenue. After adjusting for inflation, income tax revenue increased by more than $800 billion between 2020 and 2022. The increase is the result of additional capital gains taxes and increased income tax withholdings.
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How do other taxes contribute to government revenue?
In 2022, payroll taxes accounted for 30% of the federal government revenue. Both employers and employees contribute to these taxes, which fund Social Security and Medicare programs.
Other primary sources of federal government revenue include corporate income taxes (8% of 2022 revenue), customs and duties (2%), sales and excise taxes (2%), and non-tax revenue sources (5%), such as Federal Reserve earnings and the sale of government resources.
For the latest information and data on income taxes, read the America in Facts 2023 report and sign up for our newsletter.
[1] The federal fiscal year runs from October 1 to September 30.
