The tax authority, the SAT, reported that federal tax collection reached about two point four eight trillion pesos in the first five months of 2026. In pesos, that is a fresh high.  The real picture is different. Once inflation is stripped out, that take fell by roughly one point four percent against the same stretch of 2025. That is a notable break. It is the first real decline in tax revenue for this part of the year in well over a decade, ending a long run of steady annual gains. [...]