Despite claims that the rich are not “paying their fair share” and government spending that now exceeds the median income for all Americans, the federal government is projected to take in a record amount of revenue this year, exceeding the CBO’s estimates. By the end of the fiscal year, the government is expected to confiscate from Americans a whopping $2.712 trillion in taxes.
The previous record was set in 2007 when the feds swam in more than $2.5 trillion.
- CBO predicts record tax revenues for Fiscal Year 2013
- Economy improving from recession since middle of 2007
- High revenues and high debt illustrates spending problem
In the midst of budget crises and an incomprehensible sequestration nightmare, there is one element of the equation that no politician wants the people to know about: the government is projected to take in records amounts of revenue in 2013, topping off at an estimated $2.7 trillion.
According to a report by the Congressional Budget Office, federal revenues have been recovering from the recession since mid year 2009. The previous record for government revenue was in 2007 where government took in $2.6 trillion in money confiscated from the American taxpayer.
The projected $2.7 trillion in 2013 revenue would be the most money the government has ever taken in, cutting a whole in the argument among our nation’s career politicians that an increase in revenue is needed to avoid budget cutbacks and sequestration, which is a process to withhold money from departments and agencies when debts are high.
When both revenues and debt are high, spending is the problem. “Tax the rich” schemes do nothing to cure the spending disease in Washington. The United States government has repeatedly shown that political careers are far more lucrative funding the medicine rather than the cure.