(CNSNews.com) – Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.
At the same time, however, the federal debt will increase by more than $1 trillion.
In fiscal 2017, which ends on Sept. 30, the federal government will collect $3.315 trillion in total taxes, according to the projections the CBO released with its “Update to the Budget and Economic Outlook: 2017 to 2027.”
That $3.315 trillion in total taxes will include $1.574 trillion in individual income taxes; $1,164 trillion in payroll taxes; $310 billion in corporate income taxes; and $267 billion in other taxes.
In fiscal 2018, according to CBO’s projections, total taxes will climb by to $3.531 trillion. That will include $1.724 trillion in individual income taxes; $1.195 trillion in payroll taxes; $324 billion in corporate income taxes; and $289 billion in other taxes.
The $1.724 trillion in individual income taxes CBO projects the federal government will collect in fiscal 2018 is $150 billion—or 9.5 percent—more than the $1.574 trillion CBO projects it will collect this fiscal year.
The $3.531 trillion in total taxes the federal government will collect in fiscal 2018, according to CBO’s projections, is $216 billion—or 6.5 percent more—than the $3.315 trillion CBO projects it will collect this year.
Despite these projected increases in federal tax collections from this year to next, the CBO also sees a massive increase in the federal government’s debt next year. According to CBO’s projects the gross federal debt will rise from $20.188 trillion at the end of fiscal 2017 to $21.221 trillion at the end of fiscal 2018.
That is an increase of $1.034 trillion.
(First reported by CSN News)http://www.cnsnews.com/news/article/terence-p-jeffrey/cbo-income-taxes-95-next-year-debt-climbs-more-1-trillion (June 30, 2017)
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