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The pandemic led federal and state governments to enjoy huge tax revenues, expressed as a percentage of GDP. That’s about to end.
Revenue for the first two months of the 2023 fiscal year rose only 1% in contrast to a 21% increase for all of fiscal 2022. Individual taxes rose 4%, corporate tax revenue fell 6% and other revenue fell 21%. As the stock market has tanked, the huge capital gains-related revenue will shrink as well. In 2022, Federal tax receipts, as a share of GDP, hit 19.6%, and Congress spent predictably.
The Coming Tax Revenue Reckoning – WSJ
Tax revenue as a share of GDP was 17.8% in 2021 and 15.6% in 2020. It averaged 17.1% from 1968 to 2021. Record low was 13.7% in 2009.
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