Treasury's Monthly Budget Review was released today, and the chart above shows that individual income tax collections through the first eight months of the fiscal year 2011 (October 2010 to May 2011) increased by 28.5% and $156 billion, compared to last year. Corporate income tax receipts increased by 4.8% and overall tax revenues increased by 10.3%. For the month of May, federal tax receipts increased by $28 billion and 19% compared to last year, and about half of that increase was due to higher income and payroll taxes withheld, due at least partly to an increase in total wages and salaries this year.
Now if the federal government could just get the spending part under control....
No comments:
Post a Comment