The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Little known facts||Date: 11/12/2012 3:41 PM|
|Author: fleg9bo||Number: 654806 of 748926|
[In fiscal 2012] 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.
Note, however, that federal spending remains at a new plateau, 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.
Hmmm.... tax revenues are increasing under current rates. So it makes sense to Dems to meddle with that to squeeze a few extra bucks out of the fatcats. This can't end well.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|