The Internal Revenue Service (IRS) received around $400 billion more in taxes in its most recent fiscal year than the prior one, with both individual and corporate collections rising, according to the agency’s latest financial report.
The IRS collected around $5.1 trillion in tax revenues for fiscal year 2024—which ran from Oct. 1, 2023, to Sept. 30, 2024—according to the Nov. 7 report from the agency. This is more than 8.5 percent higher than the roughly $4.7 trillion the IRS received in 2023. The biggest chunk of revenues in 2024 came from individual income taxes and tax withholdings, which accounted for $4.4 trillion.
This was followed by corporate income, excise, estate and gift, federal unemployment, and railroad retirement taxes. Receipts from individual and corporate income were higher this year….