US Federal gov't collects biggest amount yet

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egofed

CAGiversary!
http://www.washingtontimes.com/news/2014/oct/15/feds-tax-take-hits-all-time-high/

"The federal government collected a record amount of taxes in fiscal 2014, topping $3 trillion in revenue for the first time in its history, according to Treasury Department numbers released Wednesday that show the influx helped drop the deficit to its lowest level under President Obama.

Fiscal 2014 ended on Sept. 30 with the government $483 billion in the red. That’s down from $1.4 trillion in 2010, and is the lowest since 2007."

So is it a spending problem or a revenue problem? And 49% of households pay 0 in federal income tax, so who isn't paying their fair share?

 
So, closest to a balanced budget since 2007 and conservatives still find a reason to bitch about it?

Also, shouldn't every year be higher revenue than the previous year making every successive year the highest revenue? What with population growth and a strengthening economy?
 
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RedvsBlue said:
Also, shouldn't every year be higher revenue than the previous year making every successive year the highest revenue? What with population growth and a strengthening economy?
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That seems to be the case in a general sense. From the linked article:

The government first hit the $1 trillion revenue mark in 1990, then hit the $2 trillion mark in 2000. But President George W. Bush’s tax cuts and the bursting of the 1990s Internet bubble cut into revenue, dropping it to $1.8 trillion in 2003, before it began the shaky climb to $3 trillion.
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Roughly one trillion per ten years with a delay in there due to the recession(s). The article also cites the recovering economy for the revenue growth. I'm not really sure what the point of the OP is.

 
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Syntax Error said:
That seems to be the case in a general sense. From the linked article:
Roughly one trillion per ten years with a delay in there due to the recession(s). The article also cites the recovering economy for the revenue growth. I'm not really sure what the point of the OP is.
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He doesn't want to pay the taxes that fund his own employment anymore, that's his point
 
RedvsBlue said:
He doesn't want to pay the taxes that fund his own employment anymore, that's his point
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I'm not paid by federal money, just taxes from the city. Good try though. ;) I think we did get a federal grant for totally over priced and unnecessary fire boats. Thank you tax payers! :roll:

 
Finger_Shocker said:
You mean Obama actually lowered the deficit.... !!!!!

Should you be happy about that, oh wait your a right nut head
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I intentionally put that part about the deficit in my post because I applaud the effort. The purpose of the post is to show that we have more tax revenue then ever, and only a 50% household pay in, hence paying their fair share.

http://www.heritage.org/federalbudget/top10-percent-income-earners

"Top 10 Percent of Earners Paid 68 Percent of Federal Income Taxes"
http://www.american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes

4. But haven’t the tax cuts put more of the burden on the backs of the middle class and the poor?

No. I examined the Treasury Department analysis of how much the rich would have paid without the Bush tax cuts and how much they actually did pay. The rich are now paying more than they would have paid, not less, after the Bush investment tax cuts. For example, the Treasury’s estimate was that the top 1 percent of earners would pay 31 percent of taxes if the Bush cuts did not go into effect; with the cuts, they actually paid 37 per[SIZE=9pt]­[/SIZE][SIZE=9pt]cent. Similarly, the share of the top 10 percent of earners was estimated at 63 percent without the cuts; they actually paid 68 percent.[/SIZE]

5. What has happened to tax rates in America over the last several decades?

They’ve fallen. In the early 1960s, the highest marginal income tax rate was a stunning 91 percent. That top rate fell to 70 percent after the Kennedy-Johnson tax cuts and remained there until 1981. Then Ronald Reagan slashed it to 50 percent and ultimately to 28 percent after the 1986 Tax Reform Act. Although the federal tax rate fell by more than half, total tax receipts in the 1980s doubled from $517 billion in 1981 to $1,030 billion in 1990. The top tax rate rose slightly under George H. W. Bush and then moved to 39.6 percent under Bill Clinton. But under George W. Bush it fell again to 35 percent. So what’s striking is that, even as tax rates have fallen by half over the past quarter-century, taxes paid by the wealthy have increased. Lower tax rates have made the tax system more progressive, not less so. In 1980, for example, the top 5 percent of income earners paid only 37 percent of all income taxes. Today, the top 1 percent pay that proportion, and the top 5 percent pay a whopping 57 percent.

Interesting, no? To take 25% of any person's income means they are working Jan-March just to pay the gov't what it will forcibly take otherwise. Three months salary gone (actually the top rate is what 35% now?) while many others pay ZERO federal income tax and actually get money back because of tax credits. Totally fair.... :wall:

 
egofed said:
I intentionally put that part about the deficit in my post because I applaud the effort. The purpose of the post is to show that we have more tax revenue then ever, and only a 50% household pay in, hence paying their fair share.
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That $3 trillion is about 59% Income tax (both private and corporate), 32% Social Insurance taxes and the remainder other miscellany. If you're working a payroll job, you're almost certainly paying into the second category. Likewise, almost everyone winds up paying into the third category via various excise taxes.

Breakdown

And, as some like to point out, corporate income taxes get passed along to the consumers. So if you're buying stuff, you're paying into those taxes as well.

 
Syntax Error said:
That $3 trillion is about 59% Income tax (both private and corporate), 32% Social Insurance taxes and the remainder other miscellany. If you're working a payroll job, you're almost certainly paying into the second category. Likewise, almost everyone winds up paying into the third category via various excise taxes.

Breakdown

And, as some like to point out, corporate income taxes get passed along to the consumers. So if you're buying stuff, you're paying into those taxes as well.
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Uhhhh, I said federal income tax. I never said some people pay no taxes whatsoever. I am thinking about retiring early and just stock trading for income. I wonder if I can get gov't assistance if it doesn't go well? ;)

 
If you're saying that 50% don't pay federal income tax but do pay into the government's $3 trillion revenue via other tax streams then that's cool. Makes me wonder what your point was though.

I wonder if I can get gov't assistance if it doesn't go well?
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Should your venture fail and you hit poverty, I sincerely hope you get all the government assistance you're entitled to to help you survive and recover.

 
We are doing a good job supporting more than half of America. Keep working, millions on welfare depend on us for more tax dollars.

 
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