“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).
The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.
“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.
“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.
Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”
You may like
Carter Exclusive: Warning to Biden on America’s Survival from National Black Farmers Association President
Sara Carter’s exclusive report with the National Black Farmer’s Association President reveals one critical message for President Biden: “If you want this country to survive, take care of the American farmer.”
Fox News contributor Sara Carter spoke to the President of the National Black Farmer’s Association, John Boyd Jr., from Boydton, Virginia to discuss the inflation crisis. Inflation is hurting farmers and consumers around the country and “the American people” are going to pay the price. “Because this is a crisis” said Boyd.
“The three things that the American farmer can still do better than anywhere else in the world is produce corn, wheat and soybeans. And when you don’t support them, you are taking away the base and the freedom to farm in this country.”
Carter pointedly asked “who is not supporting them?”
“Well right now it’s the Biden administration” he responded.
“If you could speak to President Biden directly, what would you say to him?” Carter followed up.
“I would say ‘you gotta take care of the American farmer in this country. That’s rural America. You can’t turn your back on rural America. If you want this country to survive, take care of the American farmer.”
Pointing to the ground, Boyd gave a heartfelt plea: “this is called land. Land knows no color, land knows no party. Land produces food. And when you take away that ability for the American farmer to produce food, it’s about as low as you can go.”
You may like
Podcast5 days ago
Even California Is Tired of the Left’s Disastrous Policies
Nation2 days ago
Highland Park Parade shooter ‘posted videos appearing to preview deadly attack’
Immigration7 days ago
BREAKING: Supreme Court rules Biden Administration has authority to reverse Trump’s ‘Remain in Mexico’ policy
Podcast6 days ago
Arizona Senate Candidate Jim Lamon: Biden Administration ‘Trying to Bring Down America’