Record Tax Revenue: The "Tax Hike of 2003"
The Congressional Budget Office reported today that through the first six months of the fiscal year (Oct 2006 - March 2007), total tax revenues collected increased by $83 billion compared to the same period last year, an 8% increase. As the table above shows, individual income tax receipts increased by $49B (+11.4%) and corporate taxes increased by $24B (+18.5%), compared to the same period a year ago.
We keep hearing about the "tax cuts of 2003" (rates were decreased) when it was actually a "tax increase," if we look at what happened to revenues. In 2006, tax revenues were at all-time historical high of $2.4 trillion. At the current pace, tax revenues collected this will be $2.64 trillion, and will set another record.