Individual income taxes alone saw a 27.5 percent increase, while payroll taxes saw a slight, 0.2 percent decline. Individual income taxes and payroll taxes rose by a collective 15 percent. The CBO attributed this partially to higher corporate profits this year. But during the pandemic, higher-income people were better off than those who earned less.Ĭorporate taxes saw the largest jump, increasing by 75 percent over the same period last year to $370 billion, according to the CBO’s report. It’s unusual for the government to see a large jump in revenues amid an economic downturn because people tend to owe less as incomes fall during the pandemic, Politico noted. The outlet also noted that it was the first time that government revenues topped $4 trillion.
The report was first reported by Politico, which noted that taxes saw the biggest one-year increase since 1977. The CBO said the change reflects “the general strength of the economy over the past year.” The increase is also over the same period in 2019 when receipts reached $3.46 trillion before declining in 2020. Receipts topped $4.04 trillion during fiscal 2021, up $627 billion from the $3.42 trillion that the government received in fiscal 2020, according to the CBO’s Monthly Budget Review for September. Federal tax receipts saw the biggest one-year increase since 1977, according to the nonpartisan Congressional Budget Office (CBO).
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