The Biden administration has made a record tax haul so far this fiscal year partly on the strength of the meme stock mania and surging corporate profits, government data show, prompting the Treasury Department to scale back its debt sales.
Treasury Department data through May 6, 2022 (pdf) show that tax collections since the start of the 2022 fiscal year that began in October 2021 are at a record high of $2.73 trillion.
By comparison, in fiscal year 2021, in the year-to-date as of May 6, 2021 (pdf), tax collections were at $2.1 trillion.
And in fiscal year 2020, in the year-to-date as of May 6, 2020 (pdf), they were running at $1.82 trillion.
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