2011   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, 2011
(In billions of dollars)
Federal
Tax
Revenue
Collections
Tax Year to Which Collections Relate
2011
2010
2009
Prior
Years
Individual income and tax
withholdings
2,102.0 1,357.0 703.9 19.0 22.1
Corporation income taxes 242.8 165.7 62.6 1.9 12.6
Unemployment taxes 56.2 30.4 14.3 11.4 0.1
Excise taxes 75.7 56.3 19.0 0.1 0.3
Estate and gift taxes 9.1 - 6.4 0.7 2.0
Railroad retirement taxes 4.7 3.5 1.2 - -
Fines, penalties, interest, and
other revenue
5.4 5.2 0.1 0.1 -
Customs duties 29.9 29.9 - - -
Subtotal 2,525.8 1,648.0 807.5 33.2 37.1
Less: amounts collected for
non-Federal entities
(0.9)  
Total 2,524.9  

Treasury is the Government’s principal revenue-collecting agency. Collections of individual income and tax withholdings include 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, 2011
 
Tax Year to Which Refunds Relate
(In billions of dollars)
Refunds
Disbursed
2011
2010
2009
Prior
Years
Individual income and tax
withholdings
344.4 1.1 302.8 26.5 14.0
Corporation income taxes 67.8 6.3 16.6 6.5 38.4
Unemployment taxes 0.1 - 0.1 - -
Excise taxes 2.2 0.8 1.0 0.2 0.2
Estate and gift taxes 1.8 - - 0.4 1.4
Customs duties 1.3 0.6 0.3 0.1 0.3
Total 417.6 8.8 320.8 33.7 54.3

Reconciliation of Revenue to Tax Collections for the Year
Ended September 30, 2011, and 2010
(In billions of dollars)
2011
2010
Consolidated revenue per the Statements of Operations and
Changes in Net Position.
2,363.8 2,216.5
Tax refunds 417.6 468.9
First-time Homebuyers Tax Credit (2.2) (8.7)
Making work pay credit (13.9) (13.7)
Earned income tax credit and child tax credit imputed revenue (78.3) (77.4)
Other tax credits (13.9) (10.5)
Federal Reserve earnings (82.5) (75.8)
Nontax-related fines and penalties reported by agencies (49.5) (44.0)
Nontax-related earned revenue (16.2) (15.9)
Collections of Federal tax revenue 2,524.9 2,439.5

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. First-time Homebuyer Credit, Earned Income Tax Credit and Child Tax Credit, Making work pay credit, and Other tax credits amounts (unaudited) are included in gross cost in the Statements of Net Cost as a component of Treasury. 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, 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  

Federal Tax Refunds Disbursed for the Year Ended September 30, 2010
  Tax Year to Which Refunds Relate
(In billions of dollars) Refunds
Disbursed
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
Customs duties 1.3 0.7 0.2 0.1 0.3
Total 468.9 5.3 329.8 53.2 80.6

 


Last Updated:  February 16, 2012