Washington will collect $4.8 trillion in tax revenues this year -- $1 trillion more than it collected in 2019.
President Biden and congressional Democrats are bragging that the (misleadingly named) Inflation Reduction Act will reduce deficits because its new taxes exceed its new spending.
But why are Congress and the president raising taxes at all?
That may sound like an odd question given America’s structural budget deficits. However, those deficits are entirely driven by soaring spending, not by any revenue decline.
This year, Washington will collect $4.8 trillion in tax revenues — $1 trillion more than it collected in 2019. Within these past three years, annual tax revenues have leaped by $7,000 per household and individual income taxes are up 38%. (All these figures are adjusted for inflation.)
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
This piece originally appeared in New York Post