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Senate Democrats voted to raise taxes by some $313 billion on Sunday, and the House is expected to follow on a party-line vote on Friday. In case you think Congress needs the money, on Monday the Congressional Budget Office reported that tax revenues this fiscal year continue to roll in at a galloping pace.
Tax receipts through July, the first 10 months of the fiscal year, rose 24%, or $789 billion from a year earlier. Yes, you read that right. Tax receipts in 10 months surpassed $4.1 trillion under current tax laws and before this new tax increase.
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