How much revenue does the federal government collect?
Federal revenues dropped by nearly $600 billion from 2022 to 2023 after growing from 2020 to 2022.
The federal government collected $4.47 trillion in revenue during the 2023 fiscal year. That’s a lot (10 zeros to be exact) but it also represents a decrease of 15.5%, a drop from the 14.3% increase we saw between 2021 and 2022.
What portion of federal revenue comes from income taxes?
In 2023, the federal government collected just under $2.18 trillion in income taxes, or 48.7% of total revenue. Adjusting for inflation, this means income tax revenue fell $588.9 billion from 2022, after increasing by more than $880.7 million between 2020 and 2022, the result of additional capital gains taxes and increased income tax withholdings.
How do other taxes contribute to government revenue?
In 2023, payroll taxes accounted for 36.6% of the federal government revenue. Both employers and employees contribute to these taxes, which fund Social Security and Medicare programs.
Other federal government revenue sources include corporate income taxes (9.4% of 2023 revenue), customs and duties (1.8%), sales and excise taxes (1.7%), and non-tax revenue like Federal Reserve earnings and the sale of government resources (1.8%).
For a more thorough inspection of the federal budget, head to our interactive government spending hub.
Keep exploring
- How much money does the government collect per person? - Individual income taxes accounted for more than half of total revenues for the federal government in 2022.
- Which states bring in the most non-tax revenue? - Thirty-seven states get most of their annual revenue from non-tax sources, such as federal funding, a slight drop from 2021.
- The federal budget: an overview - In 2023, the US government brought in $4.47 trillion and spent $6.16 trillion.
- All about taxes - The One Big Beautiful Bill Act (OBBBA) came with some big tax changes. When do they take effect and what's the tax story so far? Here's your one stop shop for everything taxes.
Page sources
Office of Management and Budget
The President's Budget
Census Bureau
Annual Survey of State and Local Government Finances
