U.S. tax revenues set another record of $2.1 trillion under Biden in last six months

Americans are paying a record number in taxes since President Biden entered the White House.

The U.S. Treasury announced Thursday that it collected more than $2.1 trillion in taxes between October 2021 and March of this year. The figure is the first time in history that tax collection has exceeded more than $2 trillion over six months.

Overall, more than $1.1 trillion was collected from individual income taxes, while nearly $697 billion came from social insurance and retirement taxes. For the last quarter of 2021, U.S. GDP grew by nearly 7%, reflecting the recovery from the COVID-19-induced economic shutdown, while the major stock market indexes also posted strong gains during the period.