Monday, November 12, 2012

26 Percent Increase In Individual US Income Tax Revenue With Bush Tax Cuts

From The Wall Street Journal, "The Hard Fiscal Facts: Individual tax payments are up 26% in the last two years." by
Tax revenue kept climbing, up 6.4% for the year overall, and at $2.45 trillion it is now close to the historic high it reached in fiscal 2007 before the recession hit. Mr. Obama won't want you to know this, but this revenue increase is occurring under the Bush tax rates that he so desperately wants to raise in the name of getting what he says is merely "a little more in taxes." Individual income tax payments are now up $233 billion over the last two years, or 26%.

Source: The Wall Street Journal

This healthy revenue increase comes despite measly economic growth of between 1% and 2%.
Note, however, that federal spending remains at a new plateau of about $3.54 trillion, or some $800 billion more than the last pre-recession year of 2007.

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