Senate Democrats voted in favor of a tax hike of some $313 billion on Sunday, and the House is expected to follow a party line vote on Friday. In case you think Congress needs the money, on Monday the Congressional Budget Office reported that tax revenue from this fiscal year continues to roll in at a galloping rate.
Tax revenue through July, the first 10 months of the fiscal year, was up 24%, or $789 billion, from a year earlier. Yes, you read that right. Tax revenue in 10 months exceeded $4.1 trillion under current tax laws and before this new tax increase.