Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977
The Treasury Department is set to release this week its final budget numbers for the fiscal year that ended Sept. 30. | Chip Somodevilla/Getty ImagesDespite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming.
Though Democrats are hammering the rich for not paying their fair share in taxes, the increase is being driven by levies primarily paid by the well-to-do. For example, corporate tax receipts leapt 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.
The coronavirus downturn was much more bifurcated, however, with higher-income people, who pay most federal taxes, doing far better than low earners. Payments by big companies had plunged in the wake of Republicans’ 2017 tax cuts, falling by almost a third to $205 billion the following year. They didn’t really begin to bounce back until this past fiscal year and then recovered to an extent that surprised analysts.
CBO did not provide a breakdown of those levies. But big changes there are usually driven by capital gains realizations and payments by unincorporated businesses. And the agency previously upped its estimates of capital gains taxes over the past year. But some of the pandemic-related tax cuts, such as an employee retention credit meant to help keep workers on the payroll, were less popular than lawmakers anticipated — just because Congress cuts takes doesn’t mean everyone necessarily takes advantage of them.
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