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Fed are raking in the dough … and still spending more than they get.

The WH-OMB estimates that, in FY 2014, the federal government will collect a record amount in inflation-adjusted tax revenues (i.e. taxes) while still running a deficit,


Source: CNS; See the Monthly Treasury Statement. for details

 

More specifically …

The OMB has estimated that in the full fiscal 2014, the federal government will …

  • collect $3.001721 trillion in taxes
  • spend $3.650526 trillion
  • run a deficit of $648.805 billion.

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Note that the prior high water marks in inflation-adjusted tax receipts happened in periods of relatively low tax rates and strong economic growth.

The current spurt in inflation-adjusted tax receipts is happening with a sluggish economy and increasing tax rates.

Hmmm.

#HomaFiles

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This entry was posted on July 25, 2014 at 6:53 am and is filed under Deficit, Gov't Waste & Inefficiency, Gov't Spending, Tax burden, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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