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Federal Tax Collections Have Surprisingly Surged Amid IRS Turmoil
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A report by the Banco de Bogotá warns that in May the tax revenue gap would have widened.
The revenue in May would be around $33 billion, and worries that the state's cash register remains at historical lows.
·Bogotá, Colombia
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Federal tax collections have surprisingly surged amid IRS turmoil
After months of warnings that tax revenue might plunge due to agency staffing cuts and internal turmoil, the IRS delivered a surprise this spring: a sharp rebound in tax collections, The Washington Post writes. Treasury Secretary Scott Bessent told lawmakers last week that federal tax receipts surged 9.5% in April and 14.7% in May compared to the same months in 2024—a reversal from dire predictions made earlier this year. The boost, totaling mo…
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