Federal Tax Receipts Boom

Politico: “The Congressional Budget Office said Wednesday it now expects federal revenue this year to jump by a whopping $800 billion — equivalent to the Pentagon’s annual budget.”

“That translates to a 19 percent increase, the biggest one-year hike in more than 40 years, and it comes on top of an 18 percent increase last year.”

“Total receipts will amount this year to 19.6 percent of the nation’s economy, CBO says, which would be the most since 2000 when the Treasury Department was swimming in cash thrown off by the dot-com bubble.”