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.
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.
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.”
Yet we’re running a trillion dollar deficit.
Democrats have a symbiotic relationship with the parasite class.Together they will destroy the country with their unquenchable thirst for money.
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And after completely soaking us, we’ll still be racking up record levels of debt. :(
Its DOA.
But that’s the political importance of presidential budget requests.
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
They’re pushing for higher taxes in Ukraine, too.
And the poor and stupid keep voting for these idiots! Isn’t America grand!
only thing that surprises me is it didn't wait till after the midterms...
Liar. Obama told us he was going to cut the deficit in half! You right wing racist! /s
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.
Well, he may have told the truth, after he quadruppled it first.
The lefties want whatever you have and MORE....it is there motto first,last, and always
And what happened once they tried that? Businesses all started fleeing the country. Lesson of history
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.
As Rush Limbaugh said, some people Work for a living and some people Vote for a living.
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