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News.com) - Inflation-adjusted federal tax revenues not only hit a record high in fiscal 2014, but marked the first time that tax revenues have ever topped $3 trillion, according to the latest Monthly Treasury Statement. In fiscal year 2014, inflation-adjusted federal tax revenues hit a record $3,020,848,000,000, but the federal government still ran a $483,350,000,000 deficit during that time
but still the crooks outspend it
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The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,394,567,000,000 in fiscal 2014
Weird huh? as our average income grows, and our gdp grows...more taxes come in. Its almost like taxes are collected at a % of income from a ever increasing GDP...
Congress massively increased taxes beginning on January 1, 2013. Of course they are going to generate more revenue.
I hope you also realize the there is no correlation between what Congress budgets and what projected revenues would be. For Fiscal Year 2014 Congress budgeted $3.7 trillion, even though they knew projected revenues would only be $3 trillion. Then they proceeded to spend $4.4 trillion, adding yet another $1.4 trillion to the National Debt.
When the budget is based upon anything Congress wants, and not tied to projected revenues, then deficits and/or surpluses have no meaning.
Congress massively increased taxes beginning on January 1, 2013. Of course they are going to generate more revenue.
I hope you also realize the there is no correlation between what Congress budgets and what projected revenues would be. For Fiscal Year 2014 Congress budgeted $3.7 trillion, even though they knew projected revenues would only be $3 trillion. Then they proceeded to spend $4.4 trillion, adding yet another $1.4 trillion to the National Debt.
When the budget is based upon anything Congress wants, and not tied to projected revenues, then deficits and/or surpluses have no meaning.
Massively increased taxes? OMG no!
Ohh you mean the one where a family with a 600K income, and 105K in itemized deductions would see a 2% increase? That massive increase?
What about people making less then 200K? you know, the vast majority? oh...not so much?
Apparently me and you have different ideas on what constitutes a massive tax increase...
Weird huh? as our average income grows, and our gdp grows...more taxes come in. Its almost like taxes are collected at a % of income from a ever increasing GDP...
Very few years ever show a decrease.
Average income grows? Median income is down over 7% since Obama took office. It's down nearly 10% over the last 10 years. We've only had a month or two with income growth, and that is measured in 1/10s of a percent.
Now if you want to Talk about the top 1%... OH BABY!!! Their income has grown nearly 40% in the last decade!
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Originally Posted by greywar
Massively increased taxes? OMG no!
Ohh you mean the one where a family with a 600K income, and 105K in itemized deductions would see a 2% increase? That massive increase?
What about people making less then 200K? you know, the vast majority? oh...not so much?
Apparently me and you have different ideas on what constitutes a massive tax increase...
I guess you forgot Obamacare, huh? The average family will spend over $7,000 more per year. THAT is a hefty tax.
Maybe income tax is lower for the average family, but every other tax has gone up.
Average income grows? Median income is down over 7% since Obama took office. It's down nearly 10% over the last 10 years. We've only had a month or two with income growth.
Now if you want to Talk about the top 1%... OH BABY!!! Their income has grown nearly 40% in the last decade!
President Obama took office in the first quarter of 2009, when median household income was $54,797.63. In June it was 53,891. So no, its not down 7%, but it is down. The 7% figure is data from 2013. And its only down about 2% from 10 years ago. You have to avoid cherry picked statistics like that. While I agree with you that its a problem, I don't think cherry picked numbers help.
But yes the 1% has done very well...but really its the .01% that have had mind boggling increases in income.
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I guess you forgot Obamacare, huh? The average family will spend over $7,000 more per year. THAT is a hefty tax.
Maybe income tax is lower for the average family, but every other tax has gone up.
Please. The average family? OK im probably in the WORST financial situation. I make JUST enough to not get subsidies, and my insurance costs went down last year. That 7K figure is a Republican hit piece that has no relationship to reality.
The "average" family makes 56K ish and qualifies for subsidies.
Actually wages AREN'T stagnent. Median wages are, not average wages. This BTW is a critical fact that many conservatives don't seem to comprehend.
No, this is a critical misconception that liberals use to make their math work!
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Originally Posted by greywar
President Obama took office in the first quarter of 2009, when median household income was $54,797.63. In June it was 53,891. So no, its not down 7%, but it is down. The 7% figure is data from 2013. And its only down about 2% from 10 years ago. You have to avoid cherry picked statistics like that. While I agree with you that its a problem, I don't think cherry picked numbers help.
But yes the 1% has done very well...but really its the .01% that have had mind boggling increases in income.
OHHHHH, I see that whites are only down $1k
Sucks to be black or Hispanic.
Keep in mind That all income figures are adjusted for inflation, and energy, food, clothes are excluded from inflation based math. THAT is a critical fact that ALL politicians don't want anyone to understand.
Now lets talk about deflating the value of currency by printing trillions of dollars. THAT is also a tax! The dollar has dropped 35% in actual value over the last decade.
Looks like the Ted Cruz shutdown, did some good.
Imagine the savings if we shut them down for good.
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