View Full Version : US takes in record tax revenue
Peter1469
04-13-2016, 06:00 PM
US takes in record tax revenue (http://freebeacon.com/issues/1-48-trillion-government-collects-record-high-taxes-first-half-fy-2016/)
The US took in record tax revenue so far this fiscal year. $1.48T. And the government still managed to deficit spend $461B , which is criminal.
Inflation-adjusted federal tax revenues hit a record $1.48 trillion for the first half of fiscal year 2016, but the federal government still ran a $461 billion deficit during that time, according to the latest monthly Treasury Department statement. (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0316.pdf)
Treasury receipts include (https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0116.pdf) tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first half of fiscal 2016, which included the months of October, November, December, January, February, and March, the amount of taxes collected by the federal government outpaced the first half of all previous fiscal years, even after adjusting for inflation. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016.
The federal government collected $1,476,218,000,000 in the first half of fiscal year 2016. Most of the $1.48 trillion came from individual income taxes, which comprised almost half of that total, totaling $675 billion.
We gotta double that Peter assuming you're interested in whittling the Fed deficit.
Defunding the lousy 500 mil or so we're spending on Planned Parenthood or any number of pet projects for clowns won't get-er-done.
We need to be FREE of Cit United
We need to bring back ALL the offshored tax haven money and jobs
We need to close ALL offshore bases (with a few exceptions)
We need to stop playing policeman to the universe
We need to eliminate the STUPID notion of "too big to fail" -- let the a-holes fail!
And we NEED to eliminate every damned loophole that enables this crap.
INCLUDING the lousy 15% Billionaires (the ones without massive teams of attorneys & accountants) pay on their capital gains.
Don't even TALK to me about MittWit's 100 million dollar offshored IRA plan.
I'm allowed to contribute 6k or so to mine each year - Why the F is HE special?
If i sound like a Bernie Sanders ad? = So be it. ;)
donttread
04-13-2016, 06:52 PM
US takes in record tax revenue (http://freebeacon.com/issues/1-48-trillion-government-collects-record-high-taxes-first-half-fy-2016/)
The US took in record tax revenue so far this fiscal year. $1.48T. And the government still managed to deficit spend $461B , which is criminal.
If you tripled their revenue tomorrow they would be deficit spending within ten years.
Peter1469
04-13-2016, 07:07 PM
Double what? Tax revenue? During the 2008 election cycle there were big studies and trial balloons floated about raising more taxes. These were static accounting models, so they didn't look to much at what the tax code would do to the economy. The most draconian tax increase would have raised ~$240B / yr. That doesn't cover this years deficit, which I think is Obama's smallest.
That tax proposal would have eliminated most tax deductions except many charity. Perhaps it also kept the child tax credit. But everything else was gone. (How many middle class can afford to own their home without the mortgage interest deduction?) I don't remember how high the tax rates were, but it was the most draconian plan proposed.
We can't raise enough tax revenue to cover the budgets the last 10 years or so. It is simply impossible.
We gotta double that Peter assuming you're interested in whittling the Fed deficit.
Defunding the lousy 500 mil or so we're spending on Planned Parenthood or any number of pet projects for clowns won't get-er-done.
We need to be FREE of Cit United
We need to bring back ALL the offshored tax haven money and jobs
We need to close ALL offshore bases (with a few exceptions)
We need to stop playing policeman to the universe
We need to eliminate the STUPID notion of "too big to fail" -- let the a-holes fail!
And we NEED to eliminate every damned loophole that enables this crap.
INCLUDING the lousy 15% Billionaires (the ones without massive teams of attorneys & accountants) pay on their capital gains.
Don't even TALK to me about MittWit's 100 million dollar offshored IRA plan.
I'm allowed to contribute 6k or so to mine each year - Why the F is HE special?
If i sound like a Bernie Sanders ad? = So be it. ;)
Peter1469
04-13-2016, 07:08 PM
If you tripled their revenue tomorrow they would be deficit spending within ten years.
Incorrect. They would deficit spend this year.
donttread
04-13-2016, 07:22 PM
Incorrect. They would deficit spend this year.
And I thought I was a cynical SOB! LOL
Beevee
04-13-2016, 07:24 PM
If you tripled their revenue tomorrow they would be deficit spending within ten years.
Defecate instead of deficit would be more to their liking.
Peter1469
04-13-2016, 07:38 PM
Defecate instead of deficit would be more to their liking.
I assume you means that they don't want to spend almost .5T more than they take in via taxes. I can't believe that any thinking person believes that.
Mini Me
04-13-2016, 08:01 PM
We need to go after that 31 TRILLION $ that the tax cheats are hiding overseas!
It will never happen until you cons get behind that idea and stop providing cover for the rich and infamous!
Captain Obvious
04-13-2016, 08:11 PM
We gotta double that Peter assuming you're interested in whittling the Fed deficit.
Defunding the lousy 500 mil or so we're spending on Planned Parenthood or any number of pet projects for clowns won't get-er-done.
We need to be FREE of Cit United
We need to bring back ALL the offshored tax haven money and jobs
We need to close ALL offshore bases (with a few exceptions)
We need to stop playing policeman to the universe
We need to eliminate the STUPID notion of "too big to fail" -- let the a-holes fail!
And we NEED to eliminate every damned loophole that enables this crap.
INCLUDING the lousy 15% Billionaires (the ones without massive teams of attorneys & accountants) pay on their capital gains.
Don't even TALK to me about MittWit's 100 million dollar offshored IRA plan.
I'm allowed to contribute 6k or so to mine each year - Why the F is HE special?
If i sound like a Bernie Sanders ad? = So be it. ;)
lol
Captain Obvious
04-13-2016, 08:11 PM
Your government is fucking all of you, and you keep supporting it.
Trust me, they're happy about that.
Peter1469
04-13-2016, 08:12 PM
We need to go after that 31 TRILLION $ that the tax cheats are hiding overseas!
It will never happen until you cons get behind that idea and stop providing cover for the rich and infamous!
Isn't that the world wide number? Are you saying we should tax not US citizens who are tax cheats?
Creative.
Subdermal
04-13-2016, 09:01 PM
US takes in record tax revenue (http://freebeacon.com/issues/1-48-trillion-government-collects-record-high-taxes-first-half-fy-2016/)
The US took in record tax revenue so far this fiscal year. $1.48T. And the government still managed to deficit spend $461B , which is criminal.
Government scum doesn't deserve our hard-earned money. They need to be dried up.
Subdermal
04-13-2016, 09:02 PM
We gotta double that Peter assuming you're interested in whittling the Fed deficit.
Defunding the lousy 500 mil or so we're spending on Planned Parenthood or any number of pet projects for clowns won't get-er-done.
We need to be FREE of Cit United
We need to bring back ALL the offshored tax haven money and jobs
We need to close ALL offshore bases (with a few exceptions)
We need to stop playing policeman to the universe
We need to eliminate the STUPID notion of "too big to fail" -- let the a-holes fail!
And we NEED to eliminate every damned loophole that enables this crap.
INCLUDING the lousy 15% Billionaires (the ones without massive teams of attorneys & accountants) pay on their capital gains.
Don't even TALK to me about MittWit's 100 million dollar offshored IRA plan.
I'm allowed to contribute 6k or so to mine each year - Why the F is HE special?
If i sound like a Bernie Sanders ad? = So be it. ;)
You need math help.
Tax the rich at 100%, and let us know how much you collect, and how long it will run this POS Government.
Tell us, lib.
Peter1469
04-13-2016, 09:03 PM
Government scum doesn't deserve our hard-earned money. They need to be dried up.
What happens to SNAP recipients who busy protesting over drug tests? :smiley:
Subdermal
04-13-2016, 09:04 PM
I assume you means that they don't want to spend almost .5T more than they take in via taxes. I can't believe that any thinking person believes that.
You answered your own question there. You need to speak to thinking persons.
Subdermal
04-13-2016, 09:05 PM
We need to go after that 31 TRILLION $ that the tax cheats are hiding overseas!
It will never happen until you cons get behind that idea and stop providing cover for the rich and infamous!
They're not cheating, dim bulb. What they're doing is legal tax avoidance because tax policy you support is confiscatory, stupid and ill-advised.
Because leftist imbeciles do not know a focking thing about business or economics.
Tahuyaman
04-13-2016, 09:10 PM
US takes in record tax revenue
Its not enough though. It's never enough. There never will be a time when government gets enough. There will never be a time when liberals say " enough".
Peter1469
04-13-2016, 09:14 PM
US takes in record tax revenue
Its not enough though. It's never enough. There never will be a time when government gets enough. There will never be a time when liberals say " enough".
They won't have any options after their deficit spending crashes the USD and the economy.
Ransom
04-14-2016, 06:28 AM
We need to go after that 31 TRILLION $ that the tax cheats are hiding overseas!
It will never happen until you cons get behind that idea and stop providing cover for the rich and infamous!
"we" sure do need to go after more of other People's money, quite clear that not enough tax money is why the government runs deficits.
Course...... someone could explain to Dr. Moron here that our unfunded liabilities are 3 times the 31T he's prescribing.
Just a reminder that these days, you can't trust your doctors, and some...... are idiots.
donttread
04-14-2016, 07:35 AM
I assume you means that they don't want to spend almost .5T more than they take in via taxes. I can't believe that any thinking person believes that.
I thought he meant that the value of most of their spending was shit.
donttread
04-14-2016, 07:36 AM
Government scum doesn't deserve our hard-earned money. They need to be dried up.
Hold them to their Constitutional Limitations and cut up their credit cards
You need math help.
Tax the rich at 100%, and let us know how much you collect, and how long it will run this POS Government.
Tell us, lib.
Nobody suggested that and there's nothing in my post about taxes other than eliminating loopholes and corporate welfare.
But yes - good idea to return the top 2% to Clinton era rates - were they hurting during the Clinton years?
Hell no
Ransom
04-14-2016, 11:00 AM
Nobody suggested that and there's nothing in my post about taxes other than eliminating loopholes and corporate welfare.
But yes - good idea to return the top 2% to Clinton era rates - were they hurting during the Clinton years?
Hell no
In yet another colossal misunderstanding on Bo's part here, it gives Uncle Ransom another opportunity to not only expose Bo's misguided and sheepish thinking, but ask the PROPER question to Bo......for if he thinks we should return to Clinton tax rates......can we return back to Clinton era SPENDING rates as well? Like how about 2.7T in 1997......that would leave us given Pete's thread start here with a 2 trillion plus SURPLUS.
You continue to focus on tax....on revenue......your problem is spending, Bo......wake the fck up.
http://usgovernmentspending.com/usgs_line.php?title=Total%20Spending&year=1992_2000&sname=US&units=b&stack=1&size=m&col=c&spending0=2349.40_2420.95_2507.06_2634.87_2719.43_ 2813.59_2923.39_3053.51_3240.18&legend=
Peter1469
04-14-2016, 02:53 PM
Spending is the issue....
donttread
04-14-2016, 08:03 PM
Nobody suggested that and there's nothing in my post about taxes other than eliminating loopholes and corporate welfare.
But yes - good idea to return the top 2% to Clinton era rates - were they hurting during the Clinton years?
Hell no
I would say the loopholes are the issue, but it's even beyond that. The control code is antiquated and we need to switch to a consumption tax
donttread
04-14-2016, 08:37 PM
In yet another colossal misunderstanding on Bo's part here, it gives Uncle Ransom another opportunity to not only expose Bo's misguided and sheepish thinking, but ask the PROPER question to Bo......for if he thinks we should return to Clinton tax rates......can we return back to Clinton era SPENDING rates as well? Like how about 2.7T in 1997......that would leave us given Pete's thread start here with a 2 trillion plus SURPLUS.
You continue to focus on tax....on revenue......your problem is spending, Bo......wake the fck up.
http://usgovernmentspending.com/usgs_line.php?title=Total Spending&year=1992_2000&sname=US&units=b&stack=1&size=m&col=c&spending0=2349.40_2420.95_2507.06_2634.87_2719.43_ 2813.59_2923.39_3053.51_3240.18&legend=
To the extent that you can credit a president with the things that happen in the complex world of economics Bill Clinton deserves an atta boy for what will someday be on display in a museum as "America's last balanced budget".
Today's politicians have all but abandoned even giving such a thing lip service. For 15-20 years we have never even come close to balancing the budget and never really even intended to. We have 47% of the population unemployed or far more likely under employed and a whole bunch more making a living by killing and dying for expensive megacorp glory and many more not counted as unemployed because they are "discouraged workers" or in jail on some drug charge while paying twice as many people to care for prisoners and others in the legal system . We have healthcare laws and requirements forcing ever higher staff/ support staff to patient ratios . In 2008 the fed lowered interest rates into the teeth of an out of control real estate bubble ( called inflation in other industry) leading to a highly predictable and inevitable "crash". And God only knows how many people are making their living spying on the rest of us and our ever growing list of boggiemen.
In short when the government sold it's soul to the megacorps manufacturing went off shore and the feds have kept the archaic control code to assure it stays off shore. Then they have tried to make as many government or government regulation related jobs and "real estate booms" as possible to cover their corrupt tracks.
This is a house of cards economy that makes few tangible products, operates under huge trade deficits as a result of that , tries to use smoke and mirrors to cover up the fact that their just aren't enough good jobs to go around and owes more dollars that actually physically exist. This is gross mismanagement of a criminal nature
Tahuyaman
04-14-2016, 10:31 PM
US takes in record tax revenue
Now, let's cut rates a little more and dramatically cut or eliminate the corporate tax and break that record
leekohler2
04-14-2016, 10:43 PM
Taxes have been out of whack since Reagan. That was the beginning of our problems. Reagan's administration turned us from the biggest creditor nation into the biggest debtor nation in 8 short years. And his policies lived on in that regard to this day. No one wants to pay for anything, but still expect government to deliver for them.
We have to pay our bills, people. And we are way behind.
http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html
It amazes me that as a 49 year old man who lived through Reagan, that I have to explain this. We must pay our bills. And we don't do that by cutting taxes on the wealthy, who benefit from our infrastructure the most. We tried cutting taxes for them in the hopes they would create jobs. Nowhere in history has this ever worked. They just sock money away in tax shelters overseas.
And yet, the right screams fiscal responsibility while cutting taxes on those most able to make a difference. It's insane. I can't believe it.
Peter1469
04-15-2016, 04:52 AM
Taxes have been out of whack since Reagan. That was the beginning of our problems. Reagan's administration turned us from the biggest creditor nation into the biggest debtor nation in 8 short years. And his policies lived on in that regard to this day. No one wants to pay for anything, but still expect government to deliver for them.
We have to pay our bills, people. And we are way behind.
http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html
It amazes me that as a 49 year old man who lived through Reagan, that I have to explain this. We must pay our bills. And we don't do that by cutting taxes on the wealthy, who benefit from our infrastructure the most. We tried cutting taxes for them in the hopes they would create jobs. Nowhere in history has this ever worked. They just sock money away in tax shelters overseas.
And yet, the right screams fiscal responsibility while cutting taxes on those most able to make a difference. It's insane. I can't believe it.
Incorrect. Cutting taxes worked for JFK, Reagan, and Bush the Younger. Here is a chart for Bush's tax cuts increasing tax revenues. The problem is not the revenue side. It is the spending side.
Subdermal
04-15-2016, 05:22 AM
Taxes have been out of whack since Reagan. That was the beginning of our problems. Reagan's administration turned us from the biggest creditor nation into the biggest debtor nation in 8 short years. And his policies lived on in that regard to this day. No one wants to pay for anything, but still expect government to deliver for them.
We have to pay our bills, people. And we are way behind.
http://www.washingtonpost.com/wp-dyn/articles/A26402-2004Jun8.html
It amazes me that as a 49 year old man who lived through Reagan, that I have to explain this. We must pay our bills. And we don't do that by cutting taxes on the wealthy, who benefit from our infrastructure the most. We tried cutting taxes for them in the hopes they would create jobs. Nowhere in history has this ever worked. They just sock money away in tax shelters overseas.
And yet, the right screams fiscal responsibility while cutting taxes on those most able to make a difference. It's insane. I can't believe it.
How utterly ignorant. We continue to bring in more money every year, and for what? Congress spends like drunken sailors, and we're getting nothing positive out of it.
Are you clinically insane? How the Fock much of your income do you think you should have to pay to make this country work well?
FFS. Do you know what level of tax prompted the Boston Tea Party?
:facepalm:
Ransom
04-15-2016, 01:12 PM
To the extent that you can credit a president with the things that happen in the complex world of economics Bill Clinton deserves an atta boy for what will someday be on display in a museum as "America's last balanced budget".
Because of your known lack of historical perspective I'll simply suggest you read about the first Republican Speaker in 40 years by the name of Newt Gingrich and then read the 'Contract with America' because you A, don't know what you're talking about as usual and B. learning can be fun if you'd only try. You know....every once in a great while. Next.
Today's politicians have all but abandoned even giving such a thing lip service. For 15-20 years we have never even come close to balancing the budget and never really even intended to. We have 47% of the population unemployed or far more likely under employed and a whole bunch more making a living by killing and dying for expensive megacorp glory and many more not counted as unemployed because they are "discouraged workers" or in jail on some drug charge while paying twice as many people to care for prisoners and others in the legal system . We have healthcare laws and requirements forcing ever higher staff/ support staff to patient ratios . In 2008 the fed lowered interest rates into the teeth of an out of control real estate bubble ( called inflation in other industry) leading to a highly predictable and inevitable "crash". And God only knows how many people are making their living spying on the rest of us and our ever growing list of boggiemen.
In short when the government sold it's soul to the megacorps manufacturing went off shore and the feds have kept the archaic control code to assure it stays off shore. Then they have tried to make as many government or government regulation related jobs and "real estate booms" as possible to cover their corrupt tracks.
This is a house of cards economy that makes few tangible products, operates under huge trade deficits as a result of that , tries to use smoke and mirrors to cover up the fact that their just aren't enough good jobs to go around and owes more dollars that actually physically exist. This is gross mismanagement of a criminal nature
And...what do you intend to do about it, donttread? I mean of course except for whine like you do about everything. What are the policies you'd implement. DO you think spending is our problem, obviously their entire soul wasn't sold......Pete brings news here of record tax revenues, companies are doing business here. Your focus of course on the 'megacorps', most of our business comes from small businesses, donttread. Small to medium business and entrepreneurs who work their arses off.....and do produce real goods and services. You're such a colossal and whiny liberal.
Ransom
04-15-2016, 01:17 PM
We need to slash corporate tax rates to Canadian levels. Review and terminate most government regulations. Induce entrepreneurs with tax shelter and start up reductions.....and that is how you keep the economy rolling. Get the fck out of the way so as the young start up isn't forced to build 3 bathrooms so as not to offend anyone.
And someone wake donttread the fck up.
Powered by vBulletin® Version 4.1.8 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.