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The federal government collected $5.0 trillion in revenue in fiscal year 2022 (FY 2022) — or $15,098 per person.

More than half was collected through individual income taxes, while 30% was through payroll taxes. Other revenue sources included corporate income taxes, sales taxes, and customs duties.


The federal government spent $6.5 trillion in FY 2022 — or $19,434 per person — including funds distributed to states.

Medicare, Social Security, defense and veterans, transfers to states, and aid such as SNAP and refundable tax credits were the biggest categories, accounting for 75% of spending.


Federal revenue increased 14.3% in FY 2022 after collecting more personal income taxes, social security taxes, and auctioning spectrum for commercial wireless and broadcast use.

Federal revenue was 27.5% higher than in FY 2019.


Federal spending decreased 12.4% in FY 2022 after remaining relatively flat in FY 2021.

This drop was mostly due to reduced COVID-19 recovery spending for businesses and individuals. Federal spending remained 28.0% above that of FY 2019.


The federal government spent 28.7% more than it collected in FY 2022, resulting in a $1.45 trillion deficit.

The deficit in FY 2021 was $3.0 trillion. For comparison, the pre-pandemic FY 2019 deficit was $1.11 trillion after adjusting for inflation.

State and local tax revenue grew 9.3% from FY 2021 to FY 2022 after rising 19% in the previous fiscal year. In FY 2022, state and local governments accounted for 41% of government spending, 33% of which were funds transferred from the federal government. Federal transfers to state and local governments were 50% higher than in FY 2019 due to COVID-19 assistance.


The national debt hit $30.9 trillion last fiscal year.

The federal debt held by the public is equivalent to 94.5% of GDP, similar to the 94.7% ratio of FY 2021, but higher than the average of 71.3% in the 10 years before the pandemic.

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