The federal deficit in fiscal year (FY) 2022 was cut in half, to $1.4 trillion, compared to FY 2021, according to a statement from Treasury Secretary Janet Yellen. It was the largest-ever one-year decrease, she stated. However, receipts were below projections partly due to less-than-estimated collections of individual income tax. Total receipts were nearly $4.9 trillion, up 21% from FY 2021. Specific revenue numbers included: individual income tax ($2.6 trillion), corporate income tax ($425 billion), social insurance/retirement taxes ($1.5 trillion), excise tax ($88 billion), estate/gift taxes ($33 billion), and customs duties ($100 billion). For more details: https://bit.ly/3DexzqV
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