Posted BY: | NwoReport
The amount of taxes collected from Americans under President Joe Biden has soared compared to former President Donald Trump’s tenure, while tax enforcement has also risen, an analysis of Internal Revenue Service (IRS) data shows.
The IRS collected a total of $4.9 trillion in taxes for the fiscal year 2022 (Oct. 1, 2021, to Sept. 30, 2022), according to the IRS’ newly released Data Book. At the same time, the IRS issued nearly $642 billion in refunds last year, putting the net amount of taxes collected at around $4.26 trillion.
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By comparison, in the fiscal year 2020, Trump’s final year in office, the IRS’ gross tax collections were $3.5 trillion. With nearly $736 billion in refunds, that puts the net total taxes collected at around $2.76 trillion, or around 35 percent less than during Biden’s second year in office.
For the fiscal year 2021, Biden’s first year in office, the IRS’ gross tax collections amounted to $4.1 trillion. When subtracting the $1.1 trillion in refunds, that put the net total at $3 trillion, or 8 percent higher than during Trump’s final year in the White House.