US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That was up 23% from August 2021.
According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21% in the 2022 fiscal year that ended on Sept. 30.
The US government isn’t just making a windfall in absolute terms. Tax collection is at a multi-decade high of 19.6% as a share of GDP. That is up from 17.9% in fiscal 2021 and is approaching the last peak of 20% set during the dot-com bubble in FY 2000.
Besides the dot-com bubble, federal tax receipts have only represented a higher share of GDP in two other years, both during World War II. In 1943, federal tax collections reached 20.5% of GDP before falling to 19.9% in 1944.
Compared to average federal tax collections in the post-war era of 17.2% of GDP, 2022 collections are set to exceed that level by 2.4 percentage points.
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Do you want to know what your fair share of taxes is? The answer is MORE.
David DeGerolamo
No matter how much of OUR money the criminals in power get ahold of it’s NEVER ENOUGH….to satisfy their greed.
It’s never enough. The gubermint is spending like there is no tomorrow, and they are sucking off the top to fill their own basket. The taxpayer is growing impatient and 87,000 IRS agents are hovering around ready to pounce. A conflict is coming.
There was a story I heard once where people got tired of taxes revolted. They dumped tea into a harbor and rioted, threatened officials, burned government property and such.
In this “story” of yours was there a monarchy who used the money they stole from those folks to directly destroy the people and their way of life?
Did the people ever really stand up and fight in this “story” of yours?
Was there a shot heard around the world?
Sounds like an excellent nonsensical fiction.
Dana
What really was the final straw was the Currency Act by King George a year later. The colonists had the Colonial Script, a non interest bearing currency. Not liking that, the Currency Act make that currency illegal. Now the colonists had to borrow from the gubmint with interest. Remember, all wars are banker wars. No one likes tax on teas but not enough for war.
Our government collects taxes.
Since we pay taxes, we are supposed to be fully represented in our government.
But we aren’t. Like at all.
No taxation without representation. Make it your mantra.