Tax revenue hits record high

[tyroneweaver]

but of course no matter how much comes in with this admit it ain't enough

Tax revenue to hit record this year. So is spending 'the problem'? - CSMonitor.com

 

[Trajan]

yup and fed revenue has been up for a while...

Tax revenue kept climbing, up 6.4% for the year overall, and at $2.45 trillion it is now close to the historic high it reached in fiscal 2007 before the recession hit. Mr. Obama won't want you to know this, but this revenue increase is occurring under the Bush tax rates that he so desperately wants to raise in the name of getting what he says is merely "a little more in taxes." Individual income tax payments are now up $233 billion over the last two years, or 26%.

This healthy revenue increase comes despite measly economic growth of between 1% and 2%. Imagine the gusher of revenue the feds could get if government got out of the way and let the economy grow faster.

Now let's look at outlays, which declined a bit in 2012. That small miracle was achieved thanks to a 4% fall in defense spending, a 24% fall in jobless benefits, and an 8.9% decline in Medicaid spending.

Note, however, that federal spending remains at a new plateau of about $3.54 trillion, or some $800 billion more than the last pre-recession year of 2007. One way to think about this is that most of the $830 billion stimulus of 2009 has now become part of the federal budget baseline. The "emergency" spending of the stimulus has now become permanent, as we predicted it would.

more at-

Review & Outlook: The Hard Fiscal Facts - WSJ.com

 

[tooAlive]

No wonder liberals are avoiding this thread.

This is like a major slap to the face of the Democratic party. Good stuff.

 

[Mr. H.]

It will never be enough. Taxes must increase in order to feed the trough of the government bacchus.

And this is precisely how our education system works.

 

[Valox]

Yeah, if you look at trends, tax revenues always hit record highs.

What do you expect? Tax revenues to remain the same as the economy grows, along with population?

Personal taxes are still below their pre-recession levels.

Tax receipts grew on average at 26% between Clinton and Obama while 0.1% under between Bush and Obama.
Historical Amount of Revenue by Source

So, do RWNJ have anything to actually to say or do they just want to sit around circle jerk while ignoring the data?


Here is corporate tax receipts. Still well below pre-recession levels.

 

[theHawk]

But tax revenues can't go up unless you raise taxes.

Can any liberal explain?

 

[Mr. H.]

At what point do we tax the "poor".

At what point do we tax the "middle class"

Not until they have risen to the "upper class"?

Is this the motivation we give? Rise up to higher taxation?

What motivation is that?