Record tax receipts defeat Biden’s arguments for new taxes
By Bruce Thompson
October 16, 2022
The Congressional Budget Office has released a report showing that we paid more in taxes this year than in any other year. Federal taxes collected in fiscal 2022, which ended Sept. 30, reached an all-time high of $4.9 trillion, an increase of $850 billion, or 21%, over last year.
As a share of GDP, federal taxes are at 19.8%, one of the highest levels ever, and 15% higher than the 50-year average of 17.3%. Individual tax receipts increased by nearly $600 billion over last year, a 29% increase. As a share of GDP, individual taxes are at 10.7%, the highest annual level ever reached since the income tax began in 1913. This level of individual taxes is 33% higher than the 50-year average of 8%.
Similarly, corporate tax revenues totaled $425 billion, the highest level in U.S. history, and more than double the amount collected in 2020. Corporate taxes as a share of GDP are at 1.7%, higher than the 40-year average of 1.6%. The $425 billion paid by businesses shows that there is no “shortfall” in corporate revenues, as Treasury officials keep asserting. In fact, corporate tax revenues are now $128 billion, or 43%, higher than they were before the passage of the 2017 tax cut.
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