Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama Calls for Highest Sustained Taxation in U.S. History
CNS News ^ | April 21, 2014 | Terence P. Jeffrey

Posted on 04/21/2014 7:43:54 PM PDT by E. Pluribus Unum

In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.

Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

America has never been subjected to a ten-year stretch of taxation at that level.

Highest Sustained Taxes

In the twelve fiscal years preceding the Japanese attack on Pearl Harbor (1930 through 1941), federal taxation averaged 5.3 percent of GDP.

In the five fiscal years encompassing U.S. involvement in World War II (1942 through 1946), federal taxation averaged 16.1 percent of GDP.

In the fiscal years since World War II (1947 through 2013), federal taxation has averaged 17.1 percent of GDP.

In the period from fiscal 1992 through 2001, federal taxes averaged 18.3 percent of GDP. But in the last four years of that period (1998 through 2001), the federal budget was in balance.

In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDP—the same that they averaged during World War II. However, the federal government ran deficits in each of those twelve years.

In all ten years from 2015 through 2024, under Obama's proposal, federal taxes would be higher than 18.3 percent of GDP. During the period of 1992 through 2011, there were only five straight years (1997-2001) when federal taxes were higher than 18.3 percent of GDP.

Under Obama’s budget proposal, according to the CBO, the budget will never balance. But over the next ten years, the federal government would add $7.183 trillion to its debt held by the public.

Debt Held by Public

While adding that $7.183 trillion to the debt held by the public, Obama would increase taxes by $1.4 trillion, said the CBO report.

“The President’s budget would make a number of changes to the tax law,” said the report. “If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about 3 percent, during the 2015-2024 period.”


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events; US: District of Columbia
KEYWORDS: districtofcolumbia; noaccountability; nodocumentation; nolaw; obamarecession; obamataxhikes; racisttaxation
...historically, altering the top marginal income tax rate has had no effect on tax revenue as a fraction of GDP.


1 posted on 04/21/2014 7:43:54 PM PDT by E. Pluribus Unum
[ Post Reply | Private Reply | View Replies]

To: E. Pluribus Unum
Well come on man, where else is he going to get the money to bribe the low info voters so they vote DemocRat? There's purpose for those taxes!


2 posted on 04/21/2014 7:48:03 PM PDT by GrandJediMasterYoda (Hitlery: Incarnation of evil.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

Yet we’re running a trillion dollar deficit.


3 posted on 04/21/2014 7:49:02 PM PDT by Hoodat (Democrats - Opposing Equal Protection since 1828)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

Democrats have a symbiotic relationship with the parasite class.Together they will destroy the country with their unquenchable thirst for money.


4 posted on 04/21/2014 7:50:45 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

bookmark


5 posted on 04/21/2014 7:50:55 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

And after completely soaking us, we’ll still be racking up record levels of debt. :(


6 posted on 04/21/2014 7:51:55 PM PDT by Tzimisce
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

Its DOA.

But that’s the political importance of presidential budget requests.


7 posted on 04/21/2014 7:52:11 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum
A Nation can't Tax it's way out of debt or recession.
8 posted on 04/21/2014 7:52:14 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

It is just like the ‘socialists’ in France ( read that communists) they think they can tax at 80 or 90% (or even 75%) and still have people stay in place and give them the money. The commies have always tried to sell people on the idea that ‘the rich’ should pay more....when that doesn’t happen they just outright confiscate everything by force


9 posted on 04/21/2014 7:56:29 PM PDT by Nifster
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

They’re pushing for higher taxes in Ukraine, too.


10 posted on 04/21/2014 8:01:13 PM PDT by PieterCasparzen (We have to fix things ourselves)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum

And the poor and stupid keep voting for these idiots! Isn’t America grand!


11 posted on 04/21/2014 8:02:48 PM PDT by Deagle (ues)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum
only thing that surprises me is it didn't wait till after the midterms...
12 posted on 04/21/2014 8:19:58 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Hoodat

Liar. Obama told us he was going to cut the deficit in half! You right wing racist! /s


13 posted on 04/21/2014 8:26:27 PM PDT by Fledermaus (Conseravtives are all that's left to defend the Constitution. Dems hate it, and Repubs don't care.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Nifster

The biggest problem is that there really aren’t enough “rich” to pay for their excess. But as long as one person has a dollar more than another they somehow are able to keep milking the attack the rich meme.


14 posted on 04/21/2014 8:28:04 PM PDT by Fledermaus (Conseravtives are all that's left to defend the Constitution. Dems hate it, and Repubs don't care.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Fledermaus

Well, he may have told the truth, after he quadruppled it first.


15 posted on 04/21/2014 8:44:15 PM PDT by Mouton (The insurrection laws perpetuate what we have for a government now.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Fledermaus

The lefties want whatever you have and MORE....it is there motto first,last, and always


16 posted on 04/21/2014 8:48:08 PM PDT by Nifster
[ Post Reply | Private Reply | To 14 | View Replies]

To: Nifster

And what happened once they tried that? Businesses all started fleeing the country. Lesson of history


17 posted on 04/21/2014 11:41:31 PM PDT by Olog-hai
[ Post Reply | Private Reply | To 9 | View Replies]

To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...
Thanks E. Pluribus Unum.
Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

18 posted on 04/22/2014 12:04:19 AM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
[ Post Reply | Private Reply | View Replies]

To: Deagle

As Rush Limbaugh said, some people Work for a living and some people Vote for a living.


19 posted on 04/22/2014 12:16:22 AM PDT by Kickass Conservative (Nobody owes you a living, so shut up and get back to work...)
[ Post Reply | Private Reply | To 11 | View Replies]

To: E. Pluribus Unum


20 posted on 04/22/2014 4:07:51 AM PDT by Iron Munro (NSA reports Malaysia Flight 370 black box signals detected in Bermuda Triangle)
[ Post Reply | Private Reply | To 1 | View Replies]

To: E. Pluribus Unum; 3D-JOY; abner; Abundy; AGreatPer; Albion Wilde; AliVeritas; alisasny; ...

PING!


21 posted on 04/22/2014 9:52:26 AM PDT by Tolerance Sucks Rocks (The PASSING LANE is for PASSING, not DAWDLING)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson