Post by icemandios on Sept 12, 2023 19:27:58 GMT
Despite Federal Tax Hikes, Revenues Are Way Down - Here Are 5 Reasons Why
Tyler Durden's Photo
by Tyler Durden
Tuesday, Sep 12, 2023 - 02:45 PM
Authored by Preston Brashers via The Epoch Times,
Tyler Durden's Photo
by Tyler Durden
Tuesday, Sep 12, 2023 - 02:45 PM
Authored by Preston Brashers via The Epoch Times,
Just because the government raises taxes, doesn’t necessarily mean it will raise more revenues. The Biden administration is discovering that the hard way.
On paper, that adds up to more than $60 billion in tax hikes in 2023.
Yet, as of July 31, tax revenues are down almost $400 billion from the same time last year, representing a 13 percent drop in tax receipts—even larger after accounting for inflation.
It’s unusual for tax revenues to drop from one year to the next, as it’s happened only eight times since 1960. And only once in that 63-year period—from 2008 to 2009—did revenues fall by more than 7 percent.
Yet, as of July 31, tax revenues are down almost $400 billion from the same time last year, representing a 13 percent drop in tax receipts—even larger after accounting for inflation.
It’s unusual for tax revenues to drop from one year to the next, as it’s happened only eight times since 1960. And only once in that 63-year period—from 2008 to 2009—did revenues fall by more than 7 percent.