The (((Super Rich))) get richer! – Americans are paying the highest taxes and largest share of GDP ever
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“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).
The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.
“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.
“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.
Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”
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