Tax Revenues hit all time high: $2.66 trillion

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Atreus21

Atreus21

Lifer
Aug 21, 2007
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http://cnsnews.com/news/article/ali...t-record-through-august-gov-t-still-runs-589b

Inflation-adjusted federal tax revenues hit a record $2,663,426,000,000 for the first 11 months of the fiscal year this August, but the federal government still ran a $589,185,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”

The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,233,274,000,000 in the first 11 months of fiscal 2014.

The rest of the receipts came from corporation income taxes totaling $247,200,000,000, employment and general retirement (off-budget) totaling $674,338,000,000, employment and general retirement (on-budget) totaling $209,281,000,000, unemployment insurance totaling $54,591,000,000, other retirement receipts totaling $3,155,000,000, excise taxes totaling $73,051,000,000, estate and gift taxes totaling $17,702,000,000, customs duties totaling $30,902,000,000 and miscellaneous receipts totaling $119,933,000,000.
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Individual income taxes: $1.2 Trillion. I don't suppose this is enough, is it? I wonder what use this money would see were more of it left in the hands of those who worked for it.

You know, we've established many times here that the rich don't pay much income tax because most of their wealth comes from capital gains. So why not cut individual income taxes? Wouldn't this help the non-rich and not the rich?
 
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AyashiKaibutsu

AyashiKaibutsu

Diamond Member
Jan 24, 2004
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Atreus21 said:
http://cnsnews.com/news/article/ali...t-record-through-august-gov-t-still-runs-589b



Individual income taxes: $1.2 Trillion. I don't suppose this is enough, is it? I wonder what use this money would see were more of it left in the hands of those who worked for it.

You know, we've established many times here that the rich don't pay much income tax because most of their wealth comes from capital gains. So why not cut the individual income tax rate? Wouldn't this help the non-rich and not the rich?
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No. We still have two wars we never bothered paying for.
 
AyashiKaibutsu

AyashiKaibutsu

Diamond Member
Jan 24, 2004
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Also, the rich already complain about the lower 40+% not having a stake in the system. How much more do you propose to cut to help the non-rich?
 
P

PokerGuy

Lifer
Jul 2, 2005
13,650
201
101
Tax revenues hit all time high of 2.66 trillion, but the problem is that spending is at even higher levels so we continue (and will likely always continue) to spend outside our means, falling further and further into debt. Idiots fail to realize that spending is the problem.
 
AyashiKaibutsu

AyashiKaibutsu

Diamond Member
Jan 24, 2004
9,306
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How about we reduce tax loopholes for the super rich, fix tax loopholes for corporations, increase income taxes slightly on everyone 150k+ moreso on 500k+ and pay down our goddamn debt to a reasonable level (doesn't need to be eliminated) for once when we have a chance.

That way the next crisis that hits us we'll actually have some room to move instead of it being a complete cluster fuck, but no we need to go all GWB and give away to the brink of the cliff so if anything goes wrong it's the disaster of the century.
 
Doc Savage Fan

Doc Savage Fan

Lifer
Nov 30, 2006
15,456
389
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AyashiKaibutsu said:
How about we reduce tax loopholes for the super rich, fix tax loopholes for corporations, increase income taxes slightly on everyone 150k+ moreso on 500k+ and pay down our goddamn debt to a reasonable level (doesn't need to be eliminated) for once when we have a chance.

That way the next crisis that hits us we'll actually have some room to move instead of it being a complete cluster fuck, but no we need to go all GWB and give away to the brink of the cliff so if anything goes wrong it's the disaster of the century.
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Why is the solution always to raise taxes only...instead of raising taxes in conjunction with spending cuts?
 
Atreus21

Atreus21

Lifer
Aug 21, 2007
12,001
571
126
AyashiKaibutsu said:
How about we reduce tax loopholes for the super rich, fix tax loopholes for corporations, increase income taxes slightly on everyone 150k+ moreso on 500k+ and pay down our goddamn debt to a reasonable level (doesn't need to be eliminated) for once when we have a chance.
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...tax revenue is at an all-time high.
 
AyashiKaibutsu

AyashiKaibutsu

Diamond Member
Jan 24, 2004
9,306
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Atreus21 said:
Absolutely it is. Why can't we keep it under control despite record tax revenue?
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Tax revenue has nothing to do with expenses. It costs money to run a country and we've been horrifically irresponsible with certain presidents recklessly cutting taxes during wars and such and you know the biggest financial disaster since the great depression. That and current expenses don't go away because revenue is a big number to you.
 
AyashiKaibutsu

AyashiKaibutsu

Diamond Member
Jan 24, 2004
9,306
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81
Atreus21 said:
It doesn't? Then can I please have my taxes back?

Here I was thinking that I taxes were going towards paying the country's bills.
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The expenses exist regardless of if they collect the money. That's why we're in debt. Are you really that stupid?
 
U

unokitty

Diamond Member
Jan 5, 2012
3,346
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Of course, there is that new war to pay for... Children streaming across the Rio Grande can't be expected to provide for themselves... Not to mention what is going to happen to the interest payments when the rates go up...

But why worry about government debt?

Can't the politicians just pass that down to the next generation? Besides, don't all politicians run on a platform that if you elect them they will bring back more dollars from DC than their voters pay?

Uno
 
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Atreus21

Atreus21

Lifer
Aug 21, 2007
12,001
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AyashiKaibutsu said:
The expenses exist regardless of if they collect the money. That's why we're in debt. Are you really that stupid?
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Maybe, because I confess I have no idea what you're talking about.

We're in debt because spending constantly outstrips revenue.
 
dank69

dank69

Lifer
Oct 6, 2009
37,610
33,330
136
Doc Savage Fan said:
Do you actually think there's no room for cuts? This mentality is a huge part of our deficit problem in my opinion.
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You say there is plenty of room for cuts. List some out for us instead of spouting platitudes. What will you cut to get our budget under control? Medicare? Medicaid? Military spending?
 
Atreus21

Atreus21

Lifer
Aug 21, 2007
12,001
571
126
dank69 said:
You say there is plenty of room for cuts. List some out for us instead of spouting platitudes. What will you cut to get our budget under control? Medicare? Medicaid? Military spending?
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We'll have to reform Medicare for sure. Paul Ryan at least recognizes that as the biggest budget problem. Simplifying the tax code and subsequently downsizing the IRS would free up some money.

We'd free up almost 400 grand by not studying duck penises.
http://nypost.com/2013/12/17/duck-p...-staff-30b-in-government-spending-questioned/
 
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F

fskimospy

Elite Member
Mar 10, 2006
88,222
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Atreus21 said:
We'll have to reform Medicare for sure.
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In what way?

Paul Ryan at least recognizes that as the biggest budget problem.
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No one should seriously attempt to invoke Paul Ryan when it comes to budget matters. I thought we had all come to recognize that he was lying to us by this point.
 
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