Federal Tax Receipts To Set A Record

tax-the-rich.gi.top

From the way President Obama and Democrats talk about taxes in America, you’d get the idea that our problem is that we aren’t taxed enough. Yet, according to the CBO, tax revenues are on pace to hit an all-time record this year.

The previous record was set in 2007, capping a multi-year expansion in federal tax receipts which followed the Bush tax cuts. The same tax cuts that Democrats claim caused budget deficits.

The Congressional Budget Office estimates the federal government is on pace to bring in a record $2.7 trillion in tax receipts this fiscal year.

The increase reflects a steady post-recession rise in revenues. They ticked up 6 percent in 2012, but according to the CBO could jump 11 percent in 2013. …

According to historical figures from the White House, the last tax revenue record was set in 2007, when the government raked in nearly $2.6 trillion. By 2009, tax revenue took a dive, before gradually building back up.

I pointed out back in November that federal tax receipts have actually grown 19% since grounding out in 2009, pointing out that we were getting near 2007′s record level again:

graph (3)

The problem is relentless growth in spending which has increased 27% under President Obama:

graph (1)

There’s no way around it. We have a spending problem.

avatar

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

Related posts

Top