WASHINGTON—An unprecedented gush of income tax revenue is flowing into the federal government, driven in part by investors and business owners, and the size and speed of the increase has surprised even the nation’s fiscal-policy experts.
Individual income tax collections are poised to reach $2.6 trillion, or 10.6% of the economy in the fiscal year that ends Sept. 30, according to the Congressional Budget Office. That is up from 9.1% in 2021 and would mark a record in the 109-year history of the tax, topping the war-tax receipts of 1944 and the dot-com boom of 2000.
The surge has been particularly notable in taxes outside paycheck withholding, a signal that capital gains and business income are driving the trend. The Penn Wharton Budget Model estimates collections of non-withheld taxes reached an inflation-adjusted $522 billion in April 2022, compared with just over $300 billion in 2018 and 2019, before the pandemic.
- Israel Introduces A New Bill To Outlaw Teaching The Gospel of Jesus Christ and Imprison Violators
- Large investors tried to redeem, and Blackstone said “sorry, no”. There is no buyer. This is 2008 again.
- China will officially join Iran to arm Russia, “if Kyiv does not accept the Chinese peace plan”
- Sperm has been almost entirely replaced by spike proteins
- Clearwater Mayor abruptly resigns… Council members left in stunned silence
- Mexico begins to Confiscate and Seize American business in Mexico
- Welcome To Hyperinflation Hell! US Studies Ways To Guarantee All Bank Deposits If Crisis Grows
- Many Companies Are Already On Their Second Round Of Mass Layoffs
- SClENTISTS WARN WE ARE ENTERING A MAGNETIC EXCURSION AND SOON HUMANS WILL BE EXTINCT – DONT BLAME THE MESSENGER
- OPRAH STANDS TO LOSE $590 MILLION AFTER COLLAPSE OF SVB