Boom Times in the Beltway - WSJ Opinion

Nearly every revenue stream chipped in more, except for payroll taxes, which were flat. Individual income taxes rose $443 billion, or 27.5%, to reach $2.05 trillion. That’s about 9% of the entire U.S. economy. As CBO’s monthly budget summary dryly observes, “that increase most likely reflects higher total wages and salaries, particularly among the relatively high-income workers who are subject to higher tax rates on earnings.” Translation: The rich had a good year, but they also paid a huge fiscal dividend in taxes.