The U.S. Treasury Department released its monthly statement last week, which estimates that Federal revenues from taxes are projected to hit a historic high next year.
How high? According to the Treasury statement, which uses estimates from the White House Office of Management and Budget’s mid-year report to Congress, the Federal government will take in more than $3 trillion in tax revenues for the first time in the Nation’s history.
That easily exceeds the next-highest tax revenue year for the Feds: 2007, when the government reported tax revenues of $2.57 trillion.
But, as in every year since 2001, the government is on track to spend far more than it will take in. The OMB is projecting an increase in the Federal deficit, for 2014, of $750 billion.
CNS News put the numbers in perspective by dividing the 2014 tax revenue estimate by the number of people currently living in the United States. The result:
In fact, the record $3,023,004,000,000 in tax revenues that the White House is predicting the federal government will rake in during fiscal 2014 not only exceeds the inflation-adjusted revenue taken in by the government in any previous year, it also equals $29,673 in tax revenue for every full-time worker in the country.
It is also equals $9,534 for every man, woman and child currently living in the country.
… According to the Bureau of Labor Statistics, there were 101,877,000 full-time workers (who usually worked at least 35 hours a week) in the average month during 2012. The $3,023,004,000,000 in taxes the administration plans to collect this year equals $29,673 for each of those full-time workers.
For each household where there are two full-time workers, the federal government is planning to collect $59,346 in this fiscal year. In 2012, according to the Census Bureau, the median household income was only $51,017.
Of course, the annual tax haul pales in comparison to the trillions of dollars printed by the Federal Reserve each year — money that has now swollen the Nation’s cumulative debt to more than $17 trillion.
The U.S. tax structure may be onerous, profligate and, deceitful — but the Fed is running a much bigger spending juggernaut that’s grown so big, and occupies such a central role to the U.S. fiat economy, that Washington, D.C., both condones and depends on it. The economy won’t collapse if Congress reforms taxes. The same can’t be said of the Federal Reserve’s Ponzi scheme.
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