Federal tax revenue in December was $18 billion higher than a year before, the Congressional Budget Office reported last week, the third consecutive monthly increase. Since the federal government’s fiscal year began, in October, revenue has risen to $531 billion, nearly 9 percent more than during the same quarter in 2009. Individual income taxes accounted for the bulk of the revenue increase, an encouraging sign that wages and work hours are growing. Federal revenue dropped sharply during fiscal 2009 and 2010, shrinking to 14.9 percent of gross domestic product—well below the historical average of 18.5 percent—as layoffs and housing losses curtailed incomes.
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