Inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014, but the federal government still ran a $377,379,000,000 deficit during that time, according to the Monthly Treasury Statement for February.
In constant 2014 dollars, the $1,104,947,000,000 that the federal government collected from October through February in fiscal 2014 was $90,193,750,000 more than the $1,014,753,250,000 it collected in October through February in fiscal 2013.
How did this happen after supposed tax cuts were made. CNS News explains:
At the beginning of 2013, Congress passed and President Obama signed “The American Taxpayer Relief Act.” While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.
Note well: All "tax reform" talk is a scam to increase taxes.
Same shape as the stock market.
ReplyDeleteWait- I thought Paul Krugman said the govt still doesn't spend enough and tax enough?
ReplyDelete