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News & Politics News & Politics

Obama Calls for Highest Sustained Taxation in U.S. History

Posted by on Apr. 22, 2014 at 4:20 PM
  • 9 Replies

Obama believes you don’t own your money and the government should supply all your needs.
Check it out:

In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.

Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

America has never been subjected to a ten-year stretch of taxation at that level.

 

by on Apr. 22, 2014 at 4:20 PM
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Replies (1-9):
shuturpiehole
by Member on Apr. 22, 2014 at 4:27 PM

Can you provide a link or anything other then a paragraph typed in italics?


Billiejeens
by Ruby Member on Apr. 22, 2014 at 4:29 PM

 yes

Quoting shuturpiehole:

Can you provide a link or anything other then a paragraph typed in italics?

 

Ednarooni160
by Eds on Apr. 22, 2014 at 4:32 PM

popcorn

Billiejeens
by Ruby Member on Apr. 22, 2014 at 4:44 PM
1 mom liked this

 Dang, I always get thirsty when I see popcorn.    margarita time

Quoting Ednarooni160:

popcorn

 

Billiejeens
by Ruby Member on Apr. 22, 2014 at 4:47 PM
1 mom liked this

 - In the budget proposal he presented to Congress last month, President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people, according to the analysis published last week by the Congressional Budget Office.

Under Obama’s proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP.

America has never been subjected to a ten-year stretch of taxation at that level.

Highest Sustained Taxes

In the twelve fiscal years preceding the Japanese attack on Pearl Harbor (1930 through 1941), federal taxation averaged 5.3 percent of GDP.

In the five fiscal years encompassing U.S. involvement in World War II (1942 through 1946), federal taxation averaged 16.1 percent of GDP.

In the fiscal years since World War II (1947 through 2013), federal taxation has averaged 17.1 percent of GDP.

In the period from fiscal 1992 through 2001, federal taxes averaged 18.3 percent of GDP. But in the last four years of that period (1998 through 2001), the federal budget was in balance.

In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDP—the same that they averaged during World War II. However, the federal government ran deficits in each of those twelve years.

In all ten years from 2015 through 2024, under Obama's proposal, federal taxes would be higher than 18.3 percent of GDP. During the period of 1992 through 2011, there were only five straight years (1997-2001) when federal taxes were higher than 18.3 percent of GDP.

Under Obama’s budget proposal, according to the CBO, the budget will never balance. But over the next ten years, the federal government would add $7.183 trillion to its debt held by the public.

Debt Held by Public

While adding that $7.183 trillion to the debt held by the public, Obama would increase taxes by $1.4 trillion, said the CBO report.

“The President’s budget would make a number of changes to the tax law,” said the report. “If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about 3 percent, during the 2015-2024 period.”

Ednarooni160
by Eds on Apr. 22, 2014 at 7:53 PM

BUMP!

-Celestial-
by Platinum Member on Apr. 22, 2014 at 8:26 PM
But in the last four years of that period (1998 through 2001), the federal budget was in balance.

In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDP—the same that they averaged during World War II. However, the federal government ran deficits in each of those twelve years.




Hmmmmmmmmmmm I wonder who phucked those years up
Kriskash25
by Member on Apr. 23, 2014 at 11:15 PM
1 mom liked this

I'd pay 20% tax now if medical was free for all, college education was free for all, our teachers were paid more, our education system had a radical face lift including more electronics, no cutting of welfare funding, put more money into sustainable energy, and environmental sciences, no tax cuts for the rich, punish big business for sending jobs overseas, no lobbying and make it a conflict of interest for politicians to hold stake in stock. I'd sign on the dotted line right now.

grandmab125
by on Apr. 24, 2014 at 2:03 AM

sidesplittinglaughter 

Quoting Kriskash25:

I'd pay 20% tax now if medical was free for all, college education was free for all, our teachers were paid more, our education system had a radical face lift including more electronics, no cutting of welfare funding, put more money into sustainable energy, and environmental sciences, no tax cuts for the rich, punish big business for sending jobs overseas, no lobbying and make it a conflict of interest for politicians to hold stake in stock. I'd sign on the dotted line right now.

 

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