Federal Tax Revenues Rising: 23% for Individuals
The Congressional Budget Office reported last week that federal tax receipts climbed in December by $18 billion, following somewhat smaller gains in the previous two months. For the first quarter of fiscal 2011, revenues have climbed by $44 billion, or nearly 9%, to $531 billion. Especially encouraging is that these revenue gains came predominantly from individual income taxes, which rose 23% in the first three months to $256 billion (see chart above). Individual tax receipts continued to fall in 2010 even as corporate receipts rose, so the current increase is a sign that wages and bonuses are rising again for workers who have a job.
Thanks to Bob Wright for the tip.
Update: Many states are also reporting rising tax revenues in December including Oklahoma, Kentucky, Nebraska, Georgia, Arkansas, and Massachusetts,