*Income Taxes Up 9.5% Next Year; But Debt Climbs More Than $1 Trillion:
Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.
At the same time, however, the federal debt will increase by more than $1 trillion.
In fiscal 2017, which ends on Sept. 30, the federal government will collect $3.315 trillion in total taxes, according to the projections the CBO released with its “Update to the Budget and Economic Outlook: 2017 to 2027.”
That $3.315 trillion in total taxes will include $1.574 trillion in individual income taxes; $1,164 trillion in payroll taxes; $310 billion in corporate income taxes; and $267 billion in other taxes.