The government deducts tax and other revenues from net cost (with some adjustments) to derive its FY 2020
“bottom line” net operating cost of $3.8 trillion.
o From Chart 4, total government tax and other
revenues decreased slightly by $49.4 billion (1.4
percent) to about $3.6 trillion for FY 2020. This
net decrease was due primarily to a $51.6 billion
decrease in individual tax revenue, compared with
an offsetting decrease and increase in corporate
and other tax revenue, respectively.
o Together, individual income tax and tax
withholdings, and corporate taxes accounted for
about 88.8 percent of total tax and other revenues
in FY 2020. Other revenues include Federal
Reserve earnings, excise taxes, and customs
Publication Date: March 25, 2021
Publication Site: Treasury Department