US Tax Revenues on the Up

September 25, 2013 Taxation in North AmericaTaxation in USA

Tax Collections in the USAWASHINGTON D.C. – Tax revenues in the USA are continuing to show a persistent increase, having risen for the 15th consecutive quarter in a row.

Over the course of the second quarter of 2013 the total tax revenues collected by state and local governments in the USA reached USD 382.2 billion, rising by 7.2 percent compared to the same period last year, according to the latest Quarterly Summary of State and Local Government Tax Revenue released by the US Census Bureau on September 24th.

The latest increase is the 15th consecutive quarter growth, with all of the major subcategories of tax showing improvements over the last three month period.

The largest increase among the subcategories of tax was seen in the collection individual income tax, rising by 18.2 percent compared to the previous year, reaching USD 114 billion.

Revenues from corporate income tax reached a total of USD 20.2 billion for the quarter, rising by 14.5 percent compared to the same period in 2012.

The collection of sales tax also grew, reaching USD 82.2 billion, up by 4.2 percent compared to last year.

Property tax was the only major subcategory which showed no statistically significant increase in collections, reaching USD 91.9 billion.

Overall, collections of individual income tax accounted for 29.8 percent of the total revenues, while property tax, sales tax, and corporate income tax made up 24 percent, 21.5 percent, and 5.3 percent respectively.

Photo by Tracy O