For the fiscal year beginning Oct. 1 through April 15 (Tax Day) the Federal government set an all-time record for revenue collected. That is government-speak for “stole an unprecedented amount of money from the American people.”
According to the Daily Treasury Statement, the Federal government appropriated a total of $1.428 trillion in the first six months of the year. That exceeds the previous record of $1.349 trillion set in 2008.
That total included withheld income and employment taxes, individual income taxes, railroad retirement taxes, excise taxes corporation income taxes, Federal unemployment taxes, estate and gift taxes, and miscellaneous Internal Revenue Service receipts.
Yet despite that, the government massed a deficit of $413 billion for the year.
That is not enough taxation for Barack Obama.
In his latest budget, according to analysis published by the Congressional Budget Office, Obama’s proposal to Congress would see taxes rise from 17.6 percent of gross domestic product in 2014 to 19.2 percent in 2024. That is an unprecedented level of taxation in U.S. history.
For that 10-year stretch, Federal taxation would average 18.7 percent of GDP. The only time it ever approached that level was from fiscal 1992 through 2001, when Federal taxes averaged 18.3 percent. Even then, taxation exceeded 18.3 percent of GDP for only five straight years (1997-2001).
According to the CBO, despite the increase in taxes, Obama’s budget will never balance. Over 10 years, the Federal government’s “debt” will increase by $7.183 trillion.
There is no appetite in Washington for reining in government. Until the dollar collapses, government will continue to grow and Washington will steal more and more from the producers to give to the non-producers.
Spending for so-called “entitlements” has doubled in the past 20 years. Entitlement spending is now more than 14.5 percent of GDP.
The U.S. government is on pace to take in almost $3 trillion in tax revenue in fiscal 2014. The Federal government has not spent less than $3 trillion since 2005. Was government too small in 2005? I don’t recall it going lacking.
The idea of Federal debt and of taxes for funding government programs are myths designed to coerce people into happily supporting big government. It’s the greatest fraud ever pulled.