Taxes Will Hit Record $3T in FY14

[dorminWS]

"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 nation’s 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. According to the Census Bureau, there are now 317,065,976 people in the United States. The $3,023,004,000,000 in taxes the administration plans to collect this fiscal year equals $9,534 for every single one of those 317,065,976 people. According to the Bureau of Labor Statistics, there were 101,877,000 full-time workers (who usually worked at least 35 hours a week) in the average month during 2012. The $3,023,004,000,000 in taxes the administration plans to collect this year equals $29,673 for each of those full-time workers. For each household where there are two full-time workers, the federal government is planning to collect $59,346 in this fiscal year. In 2012, according to the Census Bureau, the median household income was only $51,017. At the end of 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. The deal included pushing 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. Despite the record tax revenue, the White House Office of Management and Budget predicts a deficit of $750,369,000,000. That would be an increase from the $680,232,000,000 deficit the Treasury reported for fiscal 2013, which ended on Sept. 30. _____ The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold. - See more at: http://cnsnews.com/news/article/terence ... 6Mfz3.dpuf"

http://cnsnews.com/news/article/terence ... ime-worker
................................

It just boggles the mind.

[Kreutz]

Still not enough...need more......always need mooooooore.....

http://www.columbian.com/news/2013/nov/ ... dget-cuts/

WASHINGTON — Democrats' new mantra in budget talks is to close tax loopholes for certain businesses, investors and professionals as a way to raise more revenue to help ease autopilot spending cuts that soon are to become more painful.

On their list: Deductions for corporations that pay executives in stock options instead of salaries, reduced tax rates for hedge fund managers and private equity advisers, avenues for escaping corporate taxes on foreign profits, and provisions that help doctors, lawyers, consultants and others who incorporate themselves avoid Medicare taxes.

Democratic budget negotiators in Congress see cutting these and other tax breaks as a politically popular way to raise revenues and ease spending cuts without further swelling the deficit. Republicans say they are open to ending some special tax breaks, but they insist the new revenue be used to lower tax rates, not to increase spending.

[JustinCase]

Im a product of public education, not sure I understand what was posted.

Can you Cliff Note it for me in simple terms? Not sure if this is good or bad for the Citizens of Texas.

JC

[Swampman]

Let's see, three trillion. Just how big a number is that?

300 seconds = 0.083 hours
3,000 seconds = 0.83 hours
30,000 seconds - 8.3 hours
300,000 seconds = 83.3 hours
3,000,000 seconds = 833.3 hours
30,000,000 seconds = 8,333.3 hours
300,000,000 seconds = 83,333.3 hours
3,000,000,000 seconds = 833,333.3 hours
30,000,000,000 seconds = 8,333,333.3 hours
300,000,000,000 seconds = 83,333,333.3 hours
3,000,000,000,000 seconds = 833,333,333.3 hours

Just to put this in perspective, if you spent a dollar every second of every day, it would take you 95,129.3759 years (951 centuries) to spend that much money.

If you spent $100 a second it would take 9.51 centuries to spend that much money.

How 'bout if we spend a cool million every second of every day? It would still take 8.21917808 years to spend 3 trillion dollars.

The human brain is incapable of comprehending numbers that big. And people wonder what's wrong with government.

[dorminWS]

Im a product of public education, not sure I understand what was posted.

Can you Cliff Note it for me in simple terms? Not sure if this is good or bad for the Citizens of Texas.

JC

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Son, you're qualified for Obama's Council of Economic Advisors. Go volunteer.

[zykur]

Www.usdebtclock.org

[ Post made via Mobile Device ]

[Remek]

I am not sure why the title myself.

That said, at this point i dont mind raising taxes, but ONLY if used to lower our deficit and debt.

[ Post made via Mobile Device ]

[Radiac]

That said, at this point i dont mind raising taxes, but ONLY if used to lower our deficit and debt.

[ Post made via Mobile Device ]

Never happens. The more they take in, the more they spend.

[GeneFrenkle]

Deficit really doesn't matter. Overall, the issue is debt.

[ Post made via Mobile Device ]

[DryBones]

wow, the economy must be doing really well. If they are getting that much in taxes we must be making tons of money and spending tons of money! #sarcasm

[Remek]

That said, at this point i dont mind raising taxes, but ONLY if used to lower our deficit and debt.

[ Post made via Mobile Device ]

Never happens. The more they take in, the more they spend.

Exactly.

[Reverenddel]

You know what that sensation you're feeling?

That's the sensation of being SCREWED without being KISSED!

Welcome to Amerika! Dos vedanya tovarisch!