Skip to comments.WH Predicts: Taxes Will Hit Record $3T in FY14--$29,673 Per Full-Time Worker
Posted on 11/14/2013 1:42:19 PM PST by Nachum
(CNSNews.com) - The latest Monthly Treasury Statement, which was released on Wednesday afternoon, relies on the estimate made by the White House Office of Management and Budget to say that federal tax revenues will top $3 trillion for the first time in the nations history in fiscal 2014.
In fact, the record $3,023,004,000,000 in tax revenues that the White House is predicting the federal government will rake in during fiscal 2014 not only exceeds the inflation-adjusted revenue taken in by the government in any previous year, it also equals $29,673 in tax revenue for every full-time worker in the country.
It is also equals $9,534 for every man, woman and child currently living in the country.
Until now, the record-setting year for inflation-adjusted federal tax revenues was fiscal 2007. In that year, the federal government brought in $2,899,644,380,000 in constant 2013 dollars.
If the White House is correct that total federal tax receipts will hit $3,023,004,000,000 in fiscal 2014, that would represent an increase of $123,359,620,000 in constant 2013 dollars over fiscal 2007's record tax haul of $2,899,644,380,000. Real tax revenues this year, according to the White House estimate, will be 4.25 percent higher than they have ever been. - See more at: http://cnsnews.com/news/article/terence-p-jeffrey/wh-predicts-taxes-will-hit-record-3t-fy14-29673-full-time-worker#sthash.35cgmivz.dpuf
(Excerpt) Read more at cnsnews.com ...
As the work force declines and taxes increase, a breaking point will inevitably be reached. Maybe not suddenly, but certainly violently.
Worker HELL, more like SLAVE LABORER! American "citizens" can't even move to another country to get away from the federal government taxing your labor for life without denouncing that which our forefathers established.
Something has went horribly wrong with America...
The government will never get the 3 trillion they are forecasting.
The more taxes, regs etc are imposed by the government, the more the individual will seek ways to avoid them...underground economy anyone...and many will scale back business along with person income... Law of diminishing returns......
Whatever the amount of the revenues, only 50% is paying them!
Maybe the next movie in the “Hunger Games” series will wake up the college age/young 20s generation. The “Capitol” in the books is just as disgusting, decadent, oppressive and tyrannical as the “Capitol” in our nation.
Will they add together the anquish caused by Obama and Obamacare and start to see the light when they watch the next movie?
I can dream.
That is problem #11,387 with obastard care and it is just so yesterday. /sarc
There are so many serious problems with this mess we are in you can have a new crisis every day and that is what they thrive on.
How many ‘full time’ workers will the USA even have in about another year???
Hell, I didn’t make that until about 15 years ago and lived pretty much like I do now, making more than twice that.
The average wage per full time worker in the US in 2011 (as per Wikipedia (yeah, I know)), was $54,450. Federal taxes (at $29,673) would take 55% of that. Then, of course, state and local taxes in all their various forms would take another large chunk of the remainder. And the funny thing is, IT STILL WOULDN’T BE ENOUGH.
$3,000,000,000,000? A mere drop in the bucket compared to the 100+ trillion total national debt. Puny.
Congrats on your new job! That’s super.
I finally got my SS statement and my Medicare Advantage Statement today. Although my Advantage plan still is 0, my dental part now costs $36/mo., so my monthly stipend from SS will go down. Also, they have imposed a specific network of doctors on me when, previously, any doctor who accepted Medicare patients was OK.
Furthermore, co-pays have increased, as well as deductibles, so the whole plan is more expensive than it was previously. And there are no network doctors, or hospitals, in certain parts of the country. I still haven't seen a list of acceptable doctors.
Aren’t the Advantage plans going to be ended in about a year?
And they’ll STILL need to borrow 40% of every dollar spent on government programs!
My husband was happy when he reached 15 years at his present employer at the beginning of 2013. It meant a decent raise and was a big deal to him personally and professionally.
I think he ended up bringing home an extra $25 a week. This was the “big raise” after new taxes were taken out. At least it was still a net positive, but it was suppose to be a lot more.
there are very few full time workers in private sector any more, people who made #4—60 K per year are now working Min wage jobs PT.
My son’s new PT min wage job is putting price tags on clothes for TJ Max.
Our taxes went up 2 years in a row, cause fees are taxes. We got kicked out of the 7% bracket for med deductible into filing that stupid short form because this year we will go to 10% deductions, and we can’t meet that, not even with the all the meds we both take and he takes 2 of our highest priced Co-pay drugs, and the new glasses I need each year which are not cheap box store stuff, I have to have the high end Zeiss OR they’d never get my vision corrected to even the 20/25 they can only manage because of the Zeiss lenses.