WASHINGTON – The federal government collected more money in taxes last month—even when adjusted for inflation—than it did in any of the previous three Marches, according to the Monthly Treasury Statement.
Despite COVID-19 restrictions, the Treasury collected nearly $236.77 billion in total taxes in March, the third-highest in history when adjusted for inflation.
This is the highest amount of taxes in March since 2016.
The total taxes the federal government collected this March included about:
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$98.3 billion in individual income taxes;
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$107.9 billion in payroll taxes, unemployment insurance taxes, and other retirement taxes;
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$6.4 billion in excise taxes;
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$1.2 billion in estate and gift taxes;
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$4.8 billion in customs duties; and
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$7.8 billion in “miscellaneous receipts.
The Treasury collected record individual income taxes of $769.5 billion during the first six months of fiscal year 2020 (October through March.) That’s an all-time record amount in total taxes through the first six months of a fiscal year.
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