$95,069,000,000: State and Local Income Taxes Hit Q1 Record

[WestVirginiaRebel]

CNS

(CNSNews.com) - Americans paid a first-quarter record of $95,069,000,000 in individual income taxes to state and local governments in 2017, according to data released yesterday by the U.S. Census Bureau.

That was up $4,190,850,000—or about 4.6 percent-- from the $90,878,150,000 in state and local individual income taxes (in constant 2017 dollars) that Americans paid in the first quarter of 2016.

Prior to this year, 2016 held the record for first quarter state and local income tax collections. However, real first quarter state and local income tax collections declined from 2013 to 2014.

Historically, state and local individual income tax collections have peaked in the second quarter of the year. The all-time record for quarterly state and local individual income tax collections occurred in the second quarter of 2015, when Americans paid $125,508,920,000 (in constant 2017 dollars) in individual income taxes to state and local governments.

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Why we need real tax reform all the way down.