News Column

Record Tax Collection Anticipated for 2013

April 14, 2013
Record Tax Collection Anticipated for 2013

The U.S. Treasury expects to collect a record $2.712 trillion in taxes on Americans and U.S. business this year, shattering the 2007 high of $2.5 trillion.

Despite the sputtering economy and sustained high unemployment, the fine print in President Obama's budget belatedly presented Wednesday revealed that the administration expects to take more in taxes than the Congressional Budget Office projects. CBO put the 2013 estimate at $2.708 trillion. Republicans have seized on the number to bolster their fight against Obama's goal of raising taxes, especially on the wealthy.

"We are projecting to see revenues double over the next decade. I think this year will be the highest revenue number ever in the history of the country. I think we have enough revenue in Washington," said Michigan Rep. Dave Camp, chairman of the House Ways and Means Committee, which writes tax law. During a breakfast session hosted by the Christian Science Monitor, he pledged to move toward closing loopholes that will have the effect of lowering tax rates. More shocking in the president's 376-page "Historical Tables" is the projection that tax receipts will soar during the remainder of his second term, reaching nearly $4 trillion in 2018, four times Uncle Sam's take in 1989.



Paul Bedard is The Examiner's Washington Secrets columnist. Email him at pbedard@washingtonexaminer.com.




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