Jan. Federal Tax Revenues Rise by $20B (10%)
Following an $18 billion, 8% year-over-year increase in December federal tax revenues, January's federal tax revenues showed an even bigger $20 billion, 10% increase (see top chart above), according to data released earlier this week by the CBO.
Tax receipts for the first four months of fiscal year 2011 (October-January) were higher than receipts during the comparable period last year by $64 billion, representing a 9% increase (see bottom chart above).
From the CBO report, "Nearly all of that increase was from individual income and social insurance taxes, which together rose by $61 billion (or 10%). Withholding from employees’ paychecks for income and payroll taxes increased by $45 billion (or 8.2 percent), at least partly reflecting higher wages and salaries."
Now, if they could just get federal spending under control.
See related post here showing 12 states reporting improvements in state tax revenues for January.