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Personal income tax payments are on track for a record high

WASHINGTON—An unprecedented increase in income tax revenues is flowing to the federal government, driven in part by investors and business owners, and the scale and speed of the increase has surprised even experts in the country’s fiscal policy.

Personal income tax collections are expected to reach $2.6 trillion, or 10.6% of the economy in the fiscal year ending Sept. 30, according to the Congressional Budget Office. That’s up from 9.1% in 2021 and would mark a record high in the tax’s 109-year history, surpassing wartime tax revenues of 1944 and the dot-com boom of 2000.


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