How much money does the US federal government collect?
Data updated October 25, 2024
About $4.5 trillion in 2023. This is about $13,300 per person in the US, however individual contributions vary based on income, spending, and other factors. Government revenue is the total amount of money received from individual and corporate taxes, and other sources that are used to pay for government spending.
In FY 2023,
$4.5T
was collected by the federal government
In FY 2023,
$13.3K
per person on average was collected by the federal government
Federal revenue decreased from $5.3 trillion in FY 2022 to $4.5 trillion in FY 2023, down 15.5%. However, it was 7.8% higher in FY 2023 than in FY 2019, prior to the COVID-19 pandemic. Revenue increased 2.3x from 1980 to 2023, while the nation’s population increased about 1.5x. Since revenue rose more than the population, this means the government is collecting more revenue per person, on average.
Federal revenue decreased from $5.3 trillion in FY 2022 to $4.5 trillion in FY 2023.
Federal government revenue, adjusted for inflation (FY 2023 dollars)
The drop in revenue from 2022 was due to lower revenue from individual income taxes and non-tax sources. Non-tax sources include Federal Reserve earnings and proceeds from selling government resources.
Subscribe to get unbiased, data-driven insights sent to your inbox weekly.
The federal government has many different revenue streams. About 49% of revenue in FY 2023 was collected through individual income taxes, while 37% was through payroll taxes. Other revenue sources include customs duties, sales taxes, estate and gift taxes, and non-tax revenue.
In FY 2023, about 49%, or $2.2 trillion, of total revenue came from individual income taxes.
Federal government revenue by category in FY 2023
The federal government shares preliminary revenue data monthly. These figures help show how much the federal government is collecting in revenue for the current fiscal year. Among the top revenue categories, individual income taxes and payroll taxes, the government collected $2.43 trillion and $1.7 trillion, respectively, in FY 2024. (The government releases finalized revenue calculations annually.)
The federal government has collected $4.92 trillion in FY 2024 so far.
Cumulative net revenue through September of each fiscal year, by revenue source
Compared to the same months in the prior fiscal year, estate and gift taxes decreased by 6%, the most of any category. Alternatively, excise taxes increased 34%, more than any other category.
