Washington’s Record Tax Windfall
3/29/22
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from The Wall Street Journal,
3/28/22:
The Biden Administration on Monday rolled out a fiscal 2023 budget proposal of $5.79 trillion. That’s 31% more than in 2019, the last pre-Covid year, which is staggering enough. But the real budget news that Washington would prefer that Americans not know is that tax revenue is booming.
These fiscal 2022 increases follow enormous increases in fiscal 2021, which ended Sept. 30. CBO’s summary for that year shows federal receipts at a record $4.05 trillion, an 18% increase over fiscal 2020 and the largest annual revenue increase in five decades.
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