Posted on 07/19/2022 5:07:47 AM PDT by Olog-hai
The federal government hauled in a record $3,835,390,000,000 in total taxes in the first nine months of fiscal 2022 (October through June), according to the Monthly Treasury Statement.
That was up $502,438,730,000—or 15.07 percent—from the then-record $3,332,951,270,000 (in constant June 2022 dollars) that the federal government collected in taxes in the first nine months of fiscal 2021. […]
At the same time that it was collecting this record $3,835,390,000,000 in total taxes, the federal government spent $4,350,457,000,000. Thus, the federal government ran a deficit of $515,067,000,000 in the first nine months of the fiscal year. …
(Excerpt) Read more at cnsnews.com ...
If you believe the current “official” inflation numbers (of 10% or so) then .gov had a 5% net benefit from inflation.
I am sorry. I don’t get it. The government came out “ahead” of inflation, yes. I don’t think it benefited from it, though. There is nothing to suggest that the increase in tax revenues came from an increase in incomes caused by inflation.
Incomes always lag during inflation. Taxes always lag, unless people are massively overpaying.
At least, that is my understanding.
The biggest problem with inflation for .gov happens when the Federal Reserve raises interest rates (given the huge .gov debt to outside parties).
That would be your strongest argument imho.
This ain’t the 1970’s. Our current government officials are trying to crush Capitalism as it “exploits” workers. Capitalism (Market economy) needs upwardly mobile classes with discretionary income. Inflation drains such discretionary monies making it easier for Democracy to usher in Command/Control policies.
See WEF “The Sharing Economy”.
Liberal logic:
Spend >$6 trillion to net a return of $502,438,730,000 while ignoring the consequences wholesale.
Federal government hauled in a record $3,835,390,000,000 in total taxes and will spend $8,835,390,000,000 dollars.
At the lower TRUMP tax rate!
Ain't that grand. Except:
the federal government spent $4,350,457,000,000.
And how much was federal expenses through June.
You are exactly right, there! Hopefully, Americans are NOT expecting government to “fix” this.
Oh, they’re scrupulous about counting ballots that are fake, even if it means making things seem like the statistical and historical impossibility of 93 percent of registered voters turning out to vote occurred. And the GOP-e are scrupulous about certifying such fraudulent ballots.
This federal government does, because it wants national chaos.
I think you are correct about what this government wants out of inflation.
I also think that the revenue increase that this article is talking about is really the last year of Trump’s MAGA, even with the COVID lockdowns.
Look for tax revenues from Biden’s residency to tank, and for massive tax increases to be the result.
The ‘GOP’ is a dead letter in American politics.
Trump delivered the coup de grâce. Since then, the US has been trying to live with that fact.
I am thinking it’s why so many ‘Republicans’ who are searching for relevancy, have jumped into the Liberal camp. It’s hilarious how they think no one notices that their hatred for Trump left them marooned on a sinking ship.
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