Obama Tax Hikes Drive Federal Tax Revenue Above $3 Trillion for First Time Ever

[LadyGunSlinger]

Federal Tax Revenue Surpasses 3 Trillion for First Time Ever


Yet we're running deficits out the ass and the lame brigade of LEFTIST nitwits claim their boy isn't raising taxes.. Where is all of that revenue going?? Hmm?? How much on ILLEGALS to house, feed, school, give medical care to??

 

[LadyGunSlinger]

Inside the article:
Yet the deficit was still almost $500 billion.

BOOOOOOOOOOOOOOOOOOOOOSHHHHHHHHHHHHHHHHHHHHHHH

 

[LadyGunSlinger]

The OVER bloated government machine will NEVER reign in spending and yet our leftist clowns always call for more tax hikes.. They're like Meth kitties.. they can never get enough.

 

[waltky]

$2.8 trillion in income, still $530B in debt...

$2,883,250,000,000: Federal Taxes Set Record Through August; $19,346 Per Worker; Feds Still Run $530B Deficit
September 14, 2015 | The federal government raked in a record of approximately $2,883,250,000,000 in tax revenues through the first eleven months of fiscal 2015 (Oct. 1, 2014 through the end of August), according to the Monthly Treasury Statement released Friday.

That equaled approximately $19,346 for every person in the country who had either a full-time or part-time job in August. It is also up about $198,425,330,000 in constant 2015 dollars from the $2,684,824,670,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first eleven months of fiscal 2014.

Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period. According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in August (including both full and part-time workers) was 149,036,000. That means that the federal tax haul so far this fiscal year has equaled $19,345.99 for every person in the United States with a job.

In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000. An additional 3.8 percent tax on dividends, interest, capital gains and royalties--that was embedded in the Obamacare law--also took effect in 2013.

The largest share of this year’s record-setting October-through-August tax haul came from the individual income tax. That yielded the Treasury $1,379,255,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $977,501,000,000. The corporate income tax brought in $268,387,000,000.

$2,883,250,000,000: Federal Taxes Set Record Through August; $19,346 Per Worker; Feds Still Run $530B Deficit

 

[Stephanie]

and what people don't realize, especially those on the left who seems to think we aren't taxed enough. IS look at the that money the Government took FROM US (a record amount thanks to Obama, who supposedly cares so much for all of us little people)...... and it could have went back into our economy and our families

 

[edthecynic]

and what people don't realize, especially those on the left who seems to think we aren't taxed enough. IS look at the that money the Government took FROM US (a record amount thanks to Obama, who supposedly cares so much for all of us little people)...... and it could have went back into our economy and our families

Now hold on a minute there Slick!
If the government took in $3 trillion and SPENT all that plus $500 billion more, then all the $3 trillion plus $500 billion more went back into our economy!!!

 

[waltky]

All dat money an' we's still in debt...

$3,248,723,000,000: Federal Taxes Set Record in FY 2015; $21,833 Per Worker; Feds Still Run $438.9B Deficit
October 15, 2015 - The federal government took in a record of approximately $3,248,723,000,000 in taxes in fiscal 2015 (which ended on Sept. 30), according to the Monthly Treasury Statement released today.

That equaled approximately $21,833 for every person in the country who had either a full-time or part-time job in September. It is also up about $212,927,100,000 in constant 2015 dollars from the $3,035,795,900,000 in revenue (in 2015 dollars) that the Treasury raked in during fiscal 2014. Even as the Treasury was hauling in a record $3,248,723,000,000 in tax revenues in fiscal 2015, the federal government was spending $3,687,622,000,000. So, the federal government ran a deficit of $438,899,000,000 for the fiscal year.

According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in September (including both full and part-time workers) was 148,800,000. That means that the federal tax haul for fiscal 2015 equaled about $21,832.82 for every person in the United States with a job. In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.

An additional 3.8 percent tax on dividends, interest, capital gains and royalties--that was embedded in the Obamacare law--also took effect in 2013. The largest share of fiscal 2015's record-setting tax haul came from the individual income tax. That yielded the Treasury $1,540,802,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $1,065,277,000,000. The corporate income tax brought in $343,797,000,000.

$3,248,723,000,000: Federal Taxes Set Record in FY 2015; $21,833 Per Worker; Feds Still Run $438.9B Deficit

See also:

+107%: Federal Debt Held by Public Has More Than Doubled Under Obama; Up $57,431.65 Per Household
October 15, 2015 - The portion of the federal government’s debt that is held by the public—as opposed to the portion that is borrowed out of government trust funds such as the Social Security and Medicare trust funds—has more than doubled during President Barack Obama’s time in office, according to official data published by the U.S. Treasury.

Since Obama’s inauguration, the Treasury has increased the federal government’s debt held by the public by $6,739,201,661,284.21—or about $57,431.65 for each household in the United States. When Obama took office on January 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. But the Treasury divides this total debt into two main components: debt held by the public and intragovernmental debt. "Debt held by the public represents federal debt issued by Treasury and held by investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve, and foreign governments,” explains the Government Accountability Office. “The majority of debt held by the public consists of marketable Treasury securities, such as bills, notes, bonds, floating rate notes, and Treasury Inflation-Protected Securities that are sold through auctions and can be resold by whoever owns them. Treasury also issues a smaller amount of nonmarketable securities, such as savings securities and State and Local Government Series securities."

"Intragovernmental debt holdings represent federal debt owed by Treasury to federal government accounts—primarily federal trust funds such as Social Security and Medicare—that typically have an obligation to invest in federal securities their excess annual receipts (including interest earnings) over disbursements,” says GAO. “Unlike debt held by the public,” says GAO, “intragovernmental debt holdings are not shown as balances on the federal government’s consolidated financial statements because they represent loans from one part of the federal government to another." Of the $10,626,877,048,913.08 in total debt that the federal government had when Obama took office in 2009, $6,307,310,739,681.66 was debt held by the public and $4,319,566,309,231.42 was intragovernmental debt. As of the close of business on Tuesday, the total debt of the federal government was $18,150,481,620,363.39. Of this, $13,046,512,400,965.87 was debt held by the public, and $5,103,969,219,397.52 was intragovernmental debt.

The $13,046,512,400,965.87 in debt held by the public was an increase of $6,739,201,661,284.21—or 106.8 percent--from the $6,307,310,739,681.66 in debt held by the public on the day Obama was inaugurated. That $6,739,201,661,284.21 increase in debt held by the public equaled $57,431.65 for each of 117,343,000 households the Census Bureau estimated there were in the United States as of June. “Debt held by the public and intragovernmental debt holdings are very different,” the GAO said in its 2014 financial audit of the Treasury’s Bureau of the Fiscal Service. “Debt held by the public represents a claim on today’s taxpayers and absorbs resources from today’s economy. In addition, the interest paid on this debt may reduce budget flexibility because, unlike most of the budget, it cannot be controlled directly.”

+107%: Federal Debt Held by Public Has More Than Doubled Under Obama; Up $57,431.65 Per Household

 

[The Rabbi]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

 

[kiwiman127]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

Yeah, that worked well for W's budget deficits and that's not counting the cost of Iraq as the war was not included in the budget.
That's no excuse for Obama and Congress, whether Dem or GOP controlled.
Doesn't the House control the purse strings?

 

[Dan Daly]

How many dollars is that in 1970 dollars?

 

[The Rabbi]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

Yeah, that worked well for W's budget deficits and that's not counting the cost of Iraq as the war was not included in the budget.
That's no excuse for Obama and Congress, whether Dem or GOP controlled.
Doesn't the House control the purse strings?

Obama's deficits far exceed Bush's. Yet another failed post from a really pathetic poster.

 

[bendog]

Federal Tax Revenue Surpasses 3 Trillion for First Time Ever


Yet we're running deficits out the ass and the lame brigade of LEFTIST nitwits claim their boy isn't raising taxes.. Where is all of that revenue going?? Hmm?? How much on ILLEGALS to house, feed, school, give medical care to??

This is the best you got?

Full List of Obamacare Tax Hikes | Congressman Jeff Duncan

 

[Maryland Patriot]

and what people don't realize, especially those on the left who seems to think we aren't taxed enough. IS look at the that money the Government took FROM US (a record amount thanks to Obama, who supposedly cares so much for all of us little people)...... and it could have went back into our economy and our families

Now hold on a minute there Slick!
If the government took in $3 trillion and SPENT all that plus $500 billion more, then all the $3 trillion plus $500 billion more went back into our economy!!!

I wish we knew each other, with that kind of thinking I could convince you to give me your whole paycheck as long as I promised to spend it on my family and help out the local economy.
That would be good with you right?

 

[CowboyTed]

The crazies look stupid again

 

[Maryland Patriot]

The crazies look stupid again

the chart is not totally fair or honest. The spending that is going to be caused by obamacare wont show up until starting with the next president, then according to your chart, that president will be responsible for the spending even though it was obama that put the country into the downward spiral.

 

[The Rabbi]

The crazies look stupid again

Another idiot who can't read a chart.
Please explain, exactly and in your own words, what you believe this chart shows.

 

[bendog]

Well the thread was about taxes not spending. And tax receipts as a % of gnp continue to be below they were when we had a balanced budget, so complaining there is more a hysterical chirp than anything based on actual facts. But, yeah, spending is the problem.

 

[Dot Com]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

Yeah, that worked well for W's budget deficits and that's not counting the cost of Iraq as the war was not included in the budget.
That's no excuse for Obama and Congress, whether Dem or GOP controlled.
Doesn't the House control the purse strings?

Obama's deficits far exceed Bush's. Yet another failed post from a really pathetic poster.

link?

I don't think that word means what you think it means hack:

U.S. Posts Smallest Annual Budget Deficit Since 2007

The budget shortfall fell to its lowest level since 2007 during the fiscal year that ended Sept. 30, the Treasury Department said Thursday. The deficit declined 9% from the prior year to $439 billion—around 2.5% of gross domestic product and below the average the U.S. has run over the past 40 years.

Thats from YESTERDAYS Wall Street Journal as well. Not exactly a liberal bastion.

Its now down to 2.5% ODS sufferers

 

[The Rabbi]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

Yeah, that worked well for W's budget deficits and that's not counting the cost of Iraq as the war was not included in the budget.
That's no excuse for Obama and Congress, whether Dem or GOP controlled.
Doesn't the House control the purse strings?

Obama's deficits far exceed Bush's. Yet another failed post from a really pathetic poster.

link?

I don't think that word means what you think it means hack:

U.S. Posts Smallest Annual Budget Deficit Since 2007

The budget shortfall fell to its lowest level since 2007 during the fiscal year that ended Sept. 30, the Treasury Department said Thursday. The deficit declined 9% from the prior year to $439 billion—around 2.5% of gross domestic product and below the average the U.S. has run over the past 40 years.

Thats from YESTERDAYS Wall Street Journal as well. Not exactly a liberal bastion.

You may want to check who was president in 2007.
You are a doofus, a total doofus.

 

[Dot Com]

SO if raising taxes has not reduced the deficit perhaps we could try lowering taxes instead.

Yeah, that worked well for W's budget deficits and that's not counting the cost of Iraq as the war was not included in the budget.
That's no excuse for Obama and Congress, whether Dem or GOP controlled.
Doesn't the House control the purse strings?

Obama's deficits far exceed Bush's. Yet another failed post from a really pathetic poster.

link?

I don't think that word means what you think it means hack:

U.S. Posts Smallest Annual Budget Deficit Since 2007

The budget shortfall fell to its lowest level since 2007 during the fiscal year that ended Sept. 30, the Treasury Department said Thursday. The deficit declined 9% from the prior year to $439 billion—around 2.5% of gross domestic product and below the average the U.S. has run over the past 40 years.

Thats from YESTERDAYS Wall Street Journal as well. Not exactly a liberal bastion.

You may want to check who was president in 2007.
You are a doofus, a total doofus.

ironic post is ironic. We're not talking about before the recession presided over by a Repub Pres.

Fact is the deficit has decreased since a non-Repub assumed office. Your argument is FAIL (as usual)