Money & The Economy

Feds Collected $34,400 Per Household In Taxes In 2023

The federal government collected approximately $34,400 in taxes per American household in calendar year 2023, according to data published by the Treasury Department and the Census Bureau.

From January through December 2023, according to the Monthly Treasury Statements, the federal government collected a total of $4,521,306,000,000 in taxes.

The Census Bureau estimated there were approximately 131,434,000 households in the country last year.

When the $4,521,306,000,000 in total taxes is divided by the 131,434,000 households, it equals $34,399.82.

At the same time that it was collecting $4,521,306,000,000 in total taxes in 2023, the federal government was spending $6,305,077,000,000—thus, running a deficit of $1,783,771,000,000.

The 6,305,077,000,000 in spending the federal government did in calendar year 2023 worked out to $47,971.43 for each of the nation’s 131,434,000 households.

The $1,783,771,000,000 deficit the federal government ran in calendar year 2023 worked out to $13,571.61 for each of the nation’s 131,434,000 households.

The largest source of federal income in calendar year 2023 was the individual income tax, which brought in $2,196,901,000,000 in revenue. The second-largest source was social insurance and retirement taxes, which brought in $1,656,434,000,000.

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Terence P. Jeffrey

Published by
Terence P. Jeffrey

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