2010   Financial Report of the United States Government

Notes to the Financial Statements

Note 20. Collections and Refunds of Federal Revenue

Collections of Federal Tax Revenue for the Year Ended September 30, 2010
(In billions of dollars)
Federal
Tax
Revenue
Collections
Tax Year to Which Collections Relate
2010
2009
2008
Prior
Years
Individual income and tax withholdings 1,988.8 1,315.9 635.9 20.2 16.8
Corporation income taxes 277.9 188.5 75.5 1.6 12.3
Unemployment taxes 45.3 24.9 11.4 8.9 0.1
Excise taxes 73.8 54.9 18.6 0.1 0.2
Estate and gift taxes 19.8 - 7.9 0.9 11.0
Railroad retirement taxes 4.6 3.5 1.1 - -
Fines, penalties, interest, and other revenue 3.8 3.6 0.1 0.1 -
Customs duties 26.4 26.4 - - -
  Subtotal 2,440.4 1,617.7 750.5 31.8 40.4
    Less: amounts collected for non-Federal entities (0.9)  
      Total 2,439.5

Treasury is the Government’s principal revenue-collecting agency. Collections of individual income and tax withholdings includes FICA/SECA and individual income taxes. These taxes are characterized as non-exchange revenue.

Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others. These are also characterized as non-exchange revenue.

Federal Tax Refunds Disbursed for the Year Ended September 30, 2010
(In billions of dollars)
Refunds
Disbursed
Tax Year to Which Refunds Relate
2010
2009
2008
Prior
Years
Individual income and tax withholdings 366.1 1.3 312.2 35.6 17.0
Corporation income taxes 98.3 2.7 16.2 16.8 62.6
Unemployment taxes 0.1 - 0.1 - -
Excise taxes 2.2 0.6 0.9 0.3 0.4
Estate and gift taxes 0.9 - 0.2 0.4 0.3
Custom duties 1.3 0.7 0.2 0.1 0.3
  Total 468.9 5.3 329.8 53.2 80.6


Reconciliation of Revenue to Tax Collections for the Year Ended September 30
(In billions of dollars)
2010
2009
Consolidated revenue per the Statements of Operations and
Changes in Net Position
2,216.5 2,198.4
Tax Refunds 468.9 439.3
ARRA and Stimulus Act Recovery Rebate Payments - (2.0)
First-time Homebuyers Tax Credit (8.7) (9.4)
Making work pay credit (13.7) -
Earned income tax credit and child tax credit imputed revenue (77.4) (66.7)
Other tax credits (10.5) -
Beneficial Interest in Trust 2.7 (23.5)
Federal Reserve earnings (75.8) (34.3)
Nontax-related fines and penalties reported by agencies (46.6) (18.7)
Nontax-related earned revenue (15.9) (54.8)
Collections of Federal tax revenue 2,439.5 2,428.3

Consolidated revenue in the Statements of Operations and Changes in Net Position is presented on a modified cash basis, is net of tax refunds, and includes other nontax related revenue. The American Recovery and Reinvestment Act of 2009 (ARRA) and Stimulus Act Recovery Rebate Payments, First-time Homebuyer Credit and Earned Income Tax Credit and Child Tax Credit amounts (unaudited) are included in gross cost in the Statements of Net Cost as a component of Treasury. Beneficial Interest in Trust is presented as an asset on the Balance Sheet. On the other hand, collections of Federal tax revenue are reported on a gross cash basis. The table above reconciles total revenue to Federal tax collections.

Collections of Federal Tax Revenue for the Year Ended September 30, 2009
(In billions of dollars)
Federal
Tax
Revenue
Collections
Tax Year to Which Collections Relate
2009
2008
2007
Prior
Years
Individual income and tax withholdings 2,036.6 1,296.4 702.6 22.3 15.3
Corporation income taxes 225.5 138.2 69.0 1.7 16.6
Unemployment taxes 38.2 21.1 9.7 7.3 0.1
Excise taxes 69.8 57.1 12.5 0.1 0.1
Estate and gift taxes 24.7 0.1 4.0 0.8 19.8
Railroad retirement taxes 4.7 3.6 1.1 - -
Fines, penalties, interest, and other revenue 6.0 5.8 0.1 0.1 -
Customs duties 23.0 23.0 - - -
  Subtotal 2,428.5 1,545.3 799.0 32.3 51.9
    Less: amounts collected for non-Federal entities (0.2)  
      Total 2,428.3


Federal Tax Refunds Disbursed for the Year Ended September 30, 2009
(In billions of dollars)
Refunds
Disbursed
Tax Year to Which Refunds Relate
2009
2008
2007
Prior
Years
Individual income and tax withholdings 339.6 1.1 293.8 30.4 14.3
Corporation income taxes 95.2 6.6 32.6 17.4 38.6
Unemployment taxes 0.1 - 0.1 - -
Excise taxes 1.8 0.5 0.6 0.1 0.6
Estate and gift taxes 1.2 - 0.3 0.5 0.4
Custom duties 1.4 0.7 0.2 0.1 0.4
  Total 439.3 8.9 327.6 48.5 54.3



Last Updated:  December 07, 2011