


(CNSNews.com) - Total fiscal 2023 federal tax collections through January were down from fiscal 2022, marking the first time in four years that federal tax collections have declined in the first four months of the fiscal year, which starts in October.
From fiscal 2018 to fiscal 2019, federal tax collection in the October-through-January period dropped from $1,353,725,380,000 in constant December 2022 dollars to $1,310,250,890,000.
But then the October-through-January tax collections increased in fiscal 2020 ($1,356,215,640,000); fiscal 2021 ($1,358,733,560,000); and fiscal 2022 ($1,614,169,570,000).
In fiscal 2023, the October-through-January tax collections dropped to $1,472,842,000,000.
In the years since 1977, the longest stretch of consecutive fiscal years when the October-through-January tax collections increased occurred during the Clinton presidency. October-through-January tax collections went up from fiscal 1992 to fiscal 1993—and then in every fiscal year through 2001, marking nine straight years of increases.
There have also been two stretches of three straight fiscal years when the October-through-January tax collections declined. These occurred in fiscal 2002 through 2004 and fiscal 2008 through 2010. President George W. Bush’s presidency began in January 2001 and ended in January 2009.
In President Ronald Reagan’s time in office, inflation-adjusted total tax collections increased in seven of eight years. The only year they did not increase was fiscal 1983.
The $1,472,942,000,000 in total taxes that the federal government collected in the first four months of this fiscal year included $766,878,000,000 in individual income taxes; $504,266,000,000 in Social Security and other payroll taxes; $126,219,000,000 in corporation income taxes; $26,115,000,000 in excise taxes; $28,725,000,000 in customs duties; and $11,505,000,000 in what the Treasury calls “miscellaneous receipts.”