…from Politico

Despite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming. Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.

“They are just booming,” said Mark Booth, a former top revenue forecaster at the agency. “It is very unusual.”
For example, corporate tax receipts leapt 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.
Though Democrats are hammering the rich for not paying their fair share in taxes, the increase is being driven by levies primarily paid by the well-to-do.
Individual income taxes were up 27.5 percent, CBO estimates. Those too are disproportionately paid by the well-to-do, with 80 percent coming from the top 10 percent of earners.
The overall revenue increase wasn’t only an anomaly compared to 2020, when receipts fell by just 1.2 percent to $3.420 trillion. Revenues in 2021 still rose 17 percent even when compared to 2019 levels, before the pandemic hit.

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  1. I wonder if cutting corporate taxes had secondary and tertiary effects in other sectors of the economy, leading to increased tax revenue from other sources after the adjustments worked their way through supply chains? My days of studying macroeconomics were long ago, but I remember a concept along those lines…don’t remember the term. Of course, “income” was originally defined strictly as “corporate profits,” but the income tax has been misapplied to wages and salaries, which really are barter for time and work, not profits. More crime and misdirection.

    • No. corporations are spending it all – and then some (AllTime debt) – not on productivity, but buying back their own stock.

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