Saturday, September 23, 2006

Tax Revenues at All-Time High

FEDERAL TAX RECEIPTS THROUGH AUGUST
(Billions of Dollars)


Source

Actual FY 2005

Preliminary FY 2006

Percent Change

Individual

$830

$932

12.3%

Corporate

$208

$268

28.8%

Social Insurance

$727

$789

5.8%

Other

$137

$154

12.5%

TOTAL

$1902

$2123

11.6%













Sources:
Department of the Treasury; CBO

Tax revenues collected in 2005 were the highest in history, $2.15 trillion, a 14.5% increase from 2004. With one year left in the federal government's fiscal year, tax collections through August in 2006 have already surpassed last year's revenues, and therefore tax revenues in 2006 will set another record of about $2.4 trillion, about a 12% increase from last year. As a percent of GDP, tax revenues this year will be 18.3%, the highest in 6 years (since 2000).

In other words "the tax cuts" of 2003 have actually turned out to be significant tax increases, measured in revenues. Further, the "rich" now pay a higher share of all taxes paid. Look for an upcoming post on that topic.

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