Paul L. Caron

Monday, October 18, 2021

Federal Tax Revenues Soar 18%, Most In 44 Years, Primarily From Individual (+28%) And Corporate (+75%) Taxes

Congressional Budget Office, Monthly Budget Review: September 2021:

Total Receipts: Up by 18 Percent in Fiscal Year 2021 ...


Chris Edwards (Cato Institute), Federal Tax Revenues Soar:

New data from the Congressional Budget Office show that federal tax revenues are soaring. Despite the Republican tax cuts of 2017 and the ongoing pandemic, taxes are pouring into the U.S. Treasury. ...

The chart below shows the major sources of federal revenues from fiscal 2000 to fiscal 2021, which ended September 30. The GOP tax cuts were effective January 2018, which was part way through fiscal 2018. ...


Politico, U.S. Sees Biggest Revenue Surge in 44 Years Despite Pandemic:

Despite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming.

Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977. ...

Though Democrats are hammering the rich for not paying their fair share in taxes, the increase is being driven by levies primarily paid by the well-to-do. For example, corporate tax receipts leapt 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act. ... At $370 billion, the corporate tax haul would be the biggest, at least in nominal terms, since 2007. ...

Individual income taxes were up 27.5 percent, CBO estimates. Those too are disproportionately paid by the well-to-do, with 80 percent coming from the top 10 percent of earners.

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