Federal tax receipts boom, powered by inflation - POLITICO

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Federal tax receipts boom, powered by inflation CBO says receipts this year will be highest since 2000, when dot-com bubble drove a big revenue increase. Tax receipts are booming, thanks in part to spiking inflation, a shows. The Congressional Budget Office said Wednesday it now expects federal revenue this year to jump by a whopping $800 billion — equivalent to the Pentagon’s annual budget. That translates to a 19 percent increase, the biggest one-year hike in more than 40 years, and it comes on top of an 18 percent increase last year..