Posted on 11/14/2013 1:42:19 PM PST by Nachum
(CNSNews.com) - The latest Monthly Treasury Statement, which was released on Wednesday afternoon, relies on the estimate made by the White House Office of Management and Budget to say that federal tax revenues will top $3 trillion for the first time in the nation’s history in fiscal 2014.
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.
Until now, the record-setting year for inflation-adjusted federal tax revenues was fiscal 2007. In that year, the federal government brought in $2,899,644,380,000 in constant 2013 dollars.
If the White House is correct that total federal tax receipts will hit $3,023,004,000,000 in fiscal 2014, that would represent an increase of $123,359,620,000 in constant 2013 dollars over fiscal 2007's record tax haul of $2,899,644,380,000. Real tax revenues this year, according to the White House estimate, will be 4.25 percent higher than they have ever been. - See more at: http://cnsnews.com/news/article/terence-p-jeffrey/wh-predicts-taxes-will-hit-record-3t-fy14-29673-full-time-worker#sthash.35cgmivz.dpuf
(Excerpt) Read more at cnsnews.com ...
nevermind
“Whatever the amount of the revenues, only 50% is paying them!”
Actually, I think the correct statistic is that only about 50% are paying income taxes. However, a much larger share of Americans are paying federal taxes in the form of payroll taxes. These taxes are used, like income taxes, to pay for whatever bills the government incurs. I think that now the federal government collects more money in payroll taxes than in income taxes.
If you like the income you earn, you can keep the income you earn. Period.
“Then we get the lovely employer mandate next year.”
Many ‘Progressives’ believe that even if employers stop offering insurance, they will be compensated with higher wages. I can’t wait to hear the wailing when TSHTF.
My 91y.o. German mother warns of the actions of a government that has been wounded and cornered. Authorities easily direct a desperate public toward scapegoats.
You didn’t earn that income.
Is it time yet?...
Or is this just the cost of freedom showing.
——aaaannnndddddd the white hut has plans to spend every dime of it-—whether it comes in or not. I’m going to hold back a little on my 29K$ part. You folks that actually are paying that much need a better accountant.
As of a few months ago I have gone 100% Galt and my income is now $0.00 per year.
I had been paying about 38% of my income to FedGov for the last few decades.
They can go pound sand.
Comrade Obamao says : “If you like this bird I’m flipping, you can keep it”.
$3,023,004,000,000 = We’re broke so have to shut down the government. Sorry, that doesn’t compute.
thanks for posting the table and link. much appreciated. when you go back and look at the full table, the stimulus bill is what has killed the budget. they spent the extra 800 billion and that set a new baseline. i simply don’t understand how that math works. it’s like congress included a new stimulus going forward every year since the evil one took office. that type of math simply won’t work and it will take a radical change to fix.
The way to raise tax revenues is to put the 23% of Americans that are unemployed back to work.
We could do this by raising the import tariffs and lowering individual and corporate income taxes by an equal amount. This would help restore American industry, reduce unemployment, reverse off-shoring, and make America less dependent on foreign nations.
The way to raise tax revenues is to put the 23% of Americans that are unemployed back to work.
We could do this by raising the import tariffs and lowering individual and corporate income taxes by an equal amount. This would help restore American industry, reduce unemployment, reverse off-shoring, and make America less dependent on foreign nations.
How much of this predicted revenue will be from obamacare penalties?
HEY, eh where is that trillion dollars a year in Quantative Easing on the chart there? Seems if we added that....well we’d have a balanced budget.....dayum .....we’d have a balanced budget nextFreakinYEAR!
Take in $3,023,004,000,000 and spend more, and you're broke.
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