Tax payments to feds rise by $202 billion

The federal government took in $202 billion more in tax revenue in fiscal 2014, the nonpartisan Congressional Budget Office (CBO) estimated Wednesday.  

Personal taxes made up the bulk of the increase, with the amount paid rising by $154 billion. That increase came, in part, as a result of tax hikes in the January 2013 "fiscal cliff" deal.

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Lawmakers in 2013 raised tax rates on family incomes above $450,000, as they rolled back the George W. Bush-era tax cuts. A 2-percentage-point cut in payroll taxes was also allowed to lapse.

Corporate income taxes rose by $48 billion, or 18 percent, in fiscal 2014. The CBO attributed that increase to the expiration of tax provisions in December 2013, including rules that allowed companies to immediately deduct from taxable income half of their investment in equipment.

Revenue that came from nonwithheld taxes rose by $43 billion in the last fiscal year, but the CBO said that was slightly offset by income tax refunds that increased by $2 billion, and receipts from unemployment insurances taxes, which were down by $2 billion.

Overall, the amount of revenue collected by the government rose by $239 billion last year, the CBO found.

The CBO’s projections are based on data collected from the Daily Treasury Statements, but the Treasury Department will report the official amount of government revenue from fiscal 2014 later this month, along with the deficit and spending levels.

— This story was updated at 12:53 p.m.