WHO GETS CREDIT FOR INCREASED TAX REVENUE
June 14, 2022 - Douglas Myser
Who gets credit for increased tax revenue. When you read the news these days, an awful lot of bad news is making the headlines. Increased violence, the war in Ukraine, political divide, and the massive inflation that everybody is angry at. But beneath those headlines lies the fact that the American economy after the stimulus put into play by President Biden, is humming along a full throttle, and with it the reversal in government revenue that comes along with a growing, vibrant economy. Total federal tax receipts for 2022 are up 39% from the same period in 2021, according to the U.S. Treasury Department. Tax Revenue from individual income taxes is the most since the dot.com mania in 2000 swelled government coffers. Who gets credit for increased tax revenue.
Politicians accustomed to blaming each other for a myriad of problems also impulsively take the credit when something good like increased IRS Tax Revenue happens. President Biden says "my economic policies powered a rapid recovery" that boosted tax revenue and led to a huge decline in this year's federal deficit. Not so Republicans say. They argue the 2017 Trump Tax Cuts and Jobs Act was responsible. Nonpartisan experts say not to believe either side.
The timing though couldn't be better for President Biden and the Democrats going into the mid-terms, where they can use the argument that the Democrats economic policies have rebounded the economy. Biden came into office as a massive stimulus programs produced a record deficit of $3.1 trillion in 2020, the last year of the Trump Administration. It was only slightly smaller, $2.8 trillion, during Biden's first year in office, in part because Biden signed the $1.9 trillion American Rescue Plan, financed entirely by borrowing.
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