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Biden Reaps Record Tax Haul on Meme Stocks’ Once-and-Done Frenzy

  • Treasury plans to scale back debt sales surprised Wall Street
  • Revenue surge more likely to prove a ‘one-off,’ Goldman says
The bumper revenues could help pay for Joe Biden’s agenda which spans clean energy to enhanced social investments.

The bumper revenues could help pay for Joe Biden’s agenda which spans clean energy to enhanced social investments.

Photographer: Gaelen Morse/Bloomberg
Updated on

The surge in individual stock trading by Americans last year contributed to a record tax haul for the federal government this spring -- shrinking the budget deficit and surprising Wall Street, but likely leaving President Joe Biden in no stronger shape as he battles for his fiscal agenda in Congress.

Tax collections since the start of the fiscal year in October are running at a record high -- up some 43% over the same period in 2019, the most recent comparison not disturbed by the pandemic, Treasury Department data through Thursday show.