2012   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, 2012
(In billions of dollars)
Federal
Tax
Revenue
Collections
Tax Year to Which Collections Relate
2012
2011
2010
Prior
Years
Individual income and tax
withholdings
2,160.0 1,415.4 699.5 20.7 24.4
Corporation income taxes 281.5 197.3 73.1 0.7 10.4
Unemployment taxes 66.6 34.8 18.0 13.7 0.1
Excise taxes 82.6 62.2 20.2 - 0.2
Estate and gift taxes 14.5 0.1 6.8 0.2 7.4
Railroad retirement taxes 4.8 3.6 1.2 - -
Fines, penalties, interest, and
other revenue
6.3 6.1 0.1 0.1 -
Customs duties 30.5 30.5 - - -
Subtotal 2,646.8 1,750.0 818.9 35.4 42.5
Less: amounts collected for
non-Federal entities
(0.4)  
Total 2,646.4  

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

Federal Tax Refunds Disbursed for the Year Ended September 30, 2012
 
Tax Year to Which Refunds Relate
(In billions of dollars)
Refunds
Disbursed
2012
2011
2010
Prior
Years
Individual income and tax
withholdings
327.7 0.5 293.5 23.7 10.0
Corporation income taxes 44.0 5.1 10.6 7.4 20.9
Unemployment taxes 0.1 - 0.1 - -
Excise taxes 1.5 0.5 0.8 0.1 0.1
Estate and gift taxes 0.5 - 0.2 0.1 0.2
Customs duties 1.9 1.9 - - -
Total 375.7 8.0 305.2 31.3 31.2

Reconciliation of Revenue to Tax Collections for the Year
Ended September 30, 2012, and 2011
(In billions of dollars)
2012
2011
Consolidated revenue per the Statements of Operations and
Changes in Net Position.
2,518.2 2,363.8
Tax refunds 375.7 417.6
First-time Homebuyers Tax Credit - (2.2)
Making work pay credit (0.3 (13.9)
Earned income tax credit and child tax credit imputed revenue (77.0) (78.3)
Other Tax Credits and accrual adjustments (15.8) (13.9)
Federal Reserve earnings (82.0) (82.5)
Nontax-related fines and penalties reported by agencies (52.7) (49.5)
Nontax-related earned revenue (19.7) (16.2)
Collections of Federal tax revenue 2,646.4 2,524.9

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. Earned Income Tax Credit and Child Tax Credit, Other tax credits amounts (unaudited), Making work pay credit, and First-time Homebuyer Credit are included in gross cost in the Statements of Net Cost as a component of Treasury Collections of Federal tax revenue. The table above reconciles total revenue to Federal tax collections.

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  

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


Last Updated:  February 27, 2013