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Despite the record amount in individual income taxes collected in the first ten months of this fiscal year, overall federal tax collections declined in the first ten months of this fiscal year compared to last year. In the October-through-July period of fiscal 2017, the Treasury collected $2,820,673,610,000 in total taxes. In the October-through-July period of this fiscal year, the Treasury collected only $2,766,071,000,000.
While individual income taxes collected in the first ten month of the fiscal year increased from 2017 to 2018, corporation income tax collections declined. In the October-through-July period of fiscal 2017, the Treasury collected $239,013,770,000 in corporation income taxes (in constant July 2018 dollars). In the October-through-July period of fiscal 2018, the Treasury collected $166,004,000,000 in corporation income taxes.
With 2-3% inflation and 2-3% real GDP growth you’d expect income tax receipts to increase by ~5%. Imagine if you got an automatic 5% cost of living increase every year. Your boss cuts your hours by 4%. At the end of the year you made 1% more so your boss says see! Cutting your hours isn’t a pay cut!
