Record Tax Revenue Not Enough for Dems
The Congressional Budget Office announced that the federal government is going to take in a record number of dollars via tax revenue this year. That record is $2.7 trillion. Now, there’s two things about this. That $2.7 trillion in tax revenue, it’s an all-time record — and who do you think is paying the majority of that $2.7 trillion when you understand that 48% of Americans are not paying any income tax?
We’ve had the information up on my website for years about the breakdown. The top 1% pays X; the top 5% pays X. Basically the top 10% of wage earners in this country are paying about 80% of all taxes. The top 5% are paying 40%. We’ve got a record tax year for income tax, all tax revenue. So you can say we’re not under-taxed when we’re collecting more revenue via taxes than ever before in a down economy, folks!
In a down economy with 8.5 million fewer jobs available since 2009 when Obama took office, unemployment is really at 14%. The labor force participation rate is practically at an all-time low. (It’s close to what it was in the seventies with Jimmy Carter.) Even with all of this unemployment, even with the fact that about half the country pays no income tax, we still have a record year in tax revenue collected by the government. So we’re not undertaxed.
If there was ever any illusion that our budget problems are spending-side focused, this is it. Even with a record year of tax revenue, it’s still not enough for Obama and the Democrats. They’re still demanding more taxes. They now want a carbon tax. Obama’s dangling a carrot out there. He says (summarized), “Well, you know, I might approve the Keystone pipeline, but I want a carbon tax.” Folks, a carbon tax is an energy tax.
It is a tax on every bit of fuel that you use at every level of fuel production and distribution, from discovery to the consumer. It is a tax at every level. It is going to take even more disposable income out of the pockets of people. The government is going to get richer. The economy is gonna get smaller. Prosperity is going to shrink. Tax revenue will increase and exceed the record number of $2.7 trillion.