Treasury Secretary Yellen has been out on the campaign trail, calling for higher taxes on individuals and US companies. The Secretary thinks the government needs to collect more taxes, even though her own Department just reported that federal tax collections are at record high levels.
According to the Treasury Department's monthly budget report, total federal tax receipts in the first eleven months of fiscal 2022 totaled $4.4 trillion, an increase of $823 billion, or 23%, over the same period last year. Total federal taxes are on track to reach nearly $5 trillion, an incredible 45% increase in the last two years. Taxes as a percent of GDP will reach 19.6%, the second-highest level since World War II.