INCREASED TAX REVENUE CLAIMED
June 29, 2022 - Douglas Myser
Increased tax revenue claimed. The economy has been in the toilet for some time, and with Covid still around, added to the fact that the war in Ukraine has cast a shadow over economic conditions, along with supply chain issues, you would think the coffers at the Treasury Department would be scarce, but the opposite is true. The U.S. Government is reporting a large increase in IRS tax revenue, due to a economy that seems to be chugging along right through all these distractions. Of course both political parties want to claim credit for the increase of revenue at the IRS. The Biden Administration has been quick to state it was stimulus that did it, and then the Republicans have stated that their holding the line on additional spending is what caused the increase. The truth is probably a bit of this and a bit of that, but certainly no one political party can take full credit. The American consumer has been through alot yet retains the will to fight through all of these problems. Increased tax revenue claimed.
Total receipts by the Treasury are up nearly 40% from the same period last year. Revenue from individual taxes are up, as are businesses revenue. The politics of it all in a election year could not be helped. In most years, politicians are blaming each other for the swelling deficit, but this is not a normal year, to say the least. When Biden came into office, the deficit, which increased due to the massive stimulus program he ushered in, came to $3.1 trillion, which was the last year of the Trump Administration. During Biden's first year the deficit came in at $2.8 trillion. Had no stimulus spending happened, the deficit could have been significantly higher, according to the Congressional Budget Office.
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