FAST FIVE: Janet Yellen Is Disturbingly Serious About Tax Hikes
According to the Treasury Department's monthly budget report, total federal tax receipts in the first eleven months of fiscal 2022 totaled $4.4 trillion, an increase of $823 billion, or 23%, over the same period last year.
Total federal taxes are on track to reach nearly $5 trillion, an incredible 45% increase in the last two years.
Treasury also reported that corporate tax receipts are projected to reach $404 billion, the highest level ever, and nearly twice as much as the amount collected in 2020. Corporate taxes as a percent of GDP are now 1.7%, equal to the modern average (2000-2016) and higher than the 40-year average (1980-2020).
Under her plan, the combined average federal-state tax rate would be 32.8%, 40% higher than the average OECD rate of 23.4%, putting US companies at a significant competitive disadvantage against their leading competitors.
Numerous studies have shown that raising the corporate tax rate would be harmful to economic growth, resulting in higher prices, lower wages, and fewer jobs.