Gross customs deposits surged in FY2026; refunds are erasing the gain
Summary
Treasury's daily cash-accounting statement shows $256.8 billion in gross customs deposits -- duties, taxes, and fees, before refunds -- in fiscal year 2026 through July 9, up 105.5% from the same point in fiscal 2025. But the Congressional Budget Office's independent tally of net customs receipts (collections minus refunds) tells a more modest story: about $163 billion through June, up 51% year over year. Roughly $70 billion in tariff refunds went out in May and June 2026 after a February 2026 Supreme Court ruling struck down certain tariffs, and in June refunds exceeded gross collections. On a net basis, customs raised about 58% of what corporate income tax raised this year -- not the 83% the gross figures suggest.
Two years, three-and-a-half times the money
The gross series has compounded year over year: fiscal-year-to-date gross customs deposits through the same calendar date -- July 9 -- rose from $70.1 billion in FY2024 to $125.0 billion in FY2025 (+78.3%) to $256.8 billion in FY2026 (+105.5% more). The line item was renamed mid-2026 -- from ' - Customs and Certain Excise Taxes' to ' - Customs Duties, Taxes, and Fees' -- but the fiscal-year-to-date running total shows no reset across the change, confirming it's the same underlying revenue stream under a new label, not a change in what's being counted.
Corporate tax fell as customs rose
The comparison that puts the scale in context: over the same three-year window, fiscal-year-to-date corporate income tax collections moved the opposite direction -- $408.7 billion (FY2024) to $376.3 billion (FY2025) to $310.1 billion (FY2026), a 24.1% decline. Two years ago, gross customs deposits through this point in the year equaled 17.2% of what corporate income tax had raised over the same window. This year, that ratio is 82.8% on a gross-deposits basis; on 's net figures (customs about $163 billion, corporate income tax about $280 billion through June), it is roughly 58%. This piece reports both trends as documented by Treasury's own data; it does not assert that one caused the other.
View data as table
| FY2024 | 17.2% |
|---|---|
| FY2025 | 33.2% |
| FY2026 | 82.8% |
View data as table
| FY2024 (through July 9) | 70.1 |
|---|---|
| FY2025 (through July 9) | 125 |
| FY2026 (through July 9) | 256.8 |
The takeaway
- Gross customs deposits have more than tripled in two fiscal years. $70.1 billion (FY2024) to $256.8 billion (FY2026), through the same date each year -- a 3.66x increase in gross deposits, before refunds, with about three months still left in FY2026.
- On a net basis, the trend reversed in May-June 2026. After the Supreme Court's February 20, 2026 ruling in Learning Resources, Inc. v. Trump struck down certain tariffs, roughly $70 billion in refunds went out; in June 2026, refunds ($50 billion) exceeded gross collections ($24 billion) -- a $26 billion net outflow, per .
- On gross deposits, customs went from 17.2% of corporate income tax collections in FY2024 to 82.8% in FY2026 -- but on 's net figures the FY2026 share is about 58%. Corporate tax collections themselves fell 24.1% over the same window.
All figures are drawn directly from the U.S. Treasury's Daily Treasury Statement, Table II (Deposits and Withdrawals of Operating Cash), queried via Treasury's public Fiscal Data API for the fiscal-year-to-date totals as reported on July 9 of fiscal years 2024, 2025, and 2026. These are Treasury's own real-time cash-accounting figures, not a final, audited annual total -- fiscal year 2026 does not close until September 30, 2026, so the full-year totals will differ from these year-to-date figures. This piece does not attribute a cause to the customs increase or the corporate-tax decline; it reports both trends as documented in Treasury's own data. The Treasury figures are gross deposits: they exclude roughly $70 billion in tariff refunds paid in May and June 2026 following the Supreme Court's February 20, 2026 ruling striking down certain tariffs -- per the Congressional Budget Office's Monthly Budget Review: June 2026, net customs receipts were about $163 billion for the first nine months of FY2026, up 51% year over year.
Correction (2026-08-15): This article originally presented gross customs deposits as the customs revenue story without disclosing tariff refunds; the title, summary, and takeaways now label the figures as gross and add 's independently compiled net figures, which show slower growth (+51%, not +105.5%), a smaller share of corporate income tax (about 58%, not 82.8%), and net collections turning negative in May-June 2026.
Sources(2) ▾
- U.S. Department of the Treasury, Bureau of the Fiscal Service, Daily Treasury Statement -- Table II, Deposits and Withdrawals of Operating Cash (Fiscal Data API) (2026-07-09) — Treasury's Daily Treasury Statement, Table II (Deposits and Withdrawals of Operating Cash), accessed directly via the public Fiscal Data API (api.fiscaldata.treasury.gov). Figures compare the ' - Customs Duties, Taxes, and Fees' fiscal-year-to-date line (renamed from ' - Customs and Certain Excise Taxes' sometime between Oct 15, 2025 and Dec 1, 2025 -- confirmed the same continuously-accumulating series by checking the FYTD running total across the rename, which shows no reset or discontinuity) against the 'Taxes - Corporate Income' FYTD line, for the same calendar date (July 9) across three consecutive fiscal years. api.fiscaldata.treasury.gov · original document
- Congressional Budget Office, Monthly Budget Review: June 2026 (2026-07-09) cbo.gov · original document
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As of July 9, 2026 -- about nine months into fiscal year 2026 -- the U.S. government had recorded $256.8 billion in gross customs deposits -- duties, taxes, and fees, before refunds for the fiscal year to date, according to Treasury's own Daily Treasury Statement. That's up 105.5% from the $125.0 billion recorded at the same point in fiscal 2025, and 3.66 times the $70.1 billion at the same point in fiscal 2024. On a net basis -- collections minus refunds -- the Congressional Budget Office independently reports about $163 billion through June 30, 2026, up 51% from a year earlier.