By Dan Calabrese ——Bio and Archives--October 17, 2014
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Millions of American families haven’t had a raise in after-inflation incomes in years, but in Washington times are flush. On Wednesday the Treasury issued its final budget report on fiscal 2014, and the U.S. federal government rolled up record revenues of $3.013 trillion. To put it another way, Washington got an annual raise from taxpayers of 8.6% or $239 billion over fiscal 2013. The raise certainly wasn’t based on performance. Instead it was the windfall from a growing economy and higher tax rates. Individual income tax receipts rose by 5.9% to a record $1.394 trillion, while payroll taxes rose 8% to pass $1 trillion for the first time, and corporate income taxes had a blowout 16% increase to $321 billion, the third highest total in history and the most since $370.2 billion in 2007. Imagine the results if the U.S. didn’t have punitive corporate tax rates that drove American businesses overseas.Remember that the next time Democrats carp about not having enough money for whatever. They have $3 trillion. In fact, think about it like this: Remember the $862 billion "stimulus" of 2009, the one they sold as a one-time emergency measure? You do realize they turned around and added that to the permanent budget baseline, meaning they would not only spend it that year but spend it every year, right? If they had done what they said they would do and only spent it one time, the budget would now be balanced. But they didn't, so it's not. But the next time they tell you the budget's not balanced because of insufficient federal revenues, ask them why $3 trillion isn't enough for the taxpayers to send them. I'd love to hear their answer.
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