Second, tax revenues. These have seen almost their largest annual fall ever, in an economy that’s supposed to be growing at 2.4%.
Why would tax revenue fall? I know we’re at historic lows on paid taxes, but it’s been that way since 2018.
The numbers don’t add up. In addition to your post, we supposedly have job growth, low unemployment and record workforce participation.
Somebody ain’t telling the truth. ( pardon my colloquialism)
Pre Biden 47% of all U.S. citizens paid no taxes. Biden’s economy is going to raise that to 50% or 57%—maybe higher. I’m on mostly retirement income now and only paid $600 in federal income tax last year. I plan to make that $0 from now on. Everyone should do it to permanently knee cap the tax and spend democrats.
Why would tax revenues fall indeed?
FY2022 $4.9T collected. Estimated FY2023 $4.71T expected.
Governments enjoy inflation the most due to the increased tax revenue.