Individual Income Tax Payments on Pace to Reach Record Level

WASHINGTON — An unprecedented stream of income tax revenue is flowing into the federal government, spurred in part by investors and business owners, and the size and pace of the increase has prompted fiscal policy experts to of the nation surprised.

Personal income tax collection is poised to hit $2.6 trillion, or 10.6% of the economy, for the fiscal year ending September 30, according to the Congressional Budget Office. This is up from 9.1% in 2021 and would mark a record in the tax industry’s 109-year history, topping the wartime tax revenues of 1944 and the dot-com boom of 2000.

https://www.wsj.com/articles/individual-income-tax-payments-on-pace-to-reach-record-level-11654421400?mod=pls_whats_news_us_business_f Individual Income Tax Payments on Pace to Reach Record Level

Edmund DeMarche

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