Receipts are revenue

The U.S. Treasury receipts report provides details on the various sources of revenue for the federal government. Here’s a breakdown of the primary revenue sources:

• Individual Income Taxes: These are taxes paid by individuals on their earnings. If you have a job and get a paycheck, a portion of that paycheck goes to the government in the form of income tax.
• Corporate Income Taxes: These are taxes that businesses and corporations pay on their profits. Just as individuals pay taxes on their income, companies pay taxes on the money they earn.
• Social Insurance (Payroll) Taxes: These are taxes collected from both employees and employers to fund programs like Social Security and Medicare. Every time you earn a paycheck, a part of it is set aside for these programs.
• Excise Taxes: These are taxes on specific goods or services. For example, when you fill up your car with gasoline, there’s a tax included in the price you pay per gallon. Other items that might have excise taxes include tobacco, alcohol, and air travel.
• Estate and Gift Taxes: When someone passes away and leaves behind assets, like money, real estate, or other valuables, those can be taxed. Similarly, if someone gives a large gift to another person, that might also be subject to tax.
• Customs Duties: These are taxes on goods that are imported into the U.S. from other countries. If a company in the U.S. buys products from another country to sell here, they pay a tax when those products come into the country.
• Miscellaneous Receipts: These can include earnings from the Federal Reserve’s operations, fees, fines, and penalties collected from regulatory agencies, and proceeds from sales of government assets.

It’s worth noting that the U.S. government also earns money from various other sources and activities, but the ones listed above are some of the main categories. The U.S. Treasury receipts report gives a clear picture of how much money is coming in from each of these sources, helping the government in budgeting and financial planning