The left often pays lip service to fiscal conservatives and pretends to care about the national debt and deficit. While conservatives generally say that part of the solution is to cut spending, liberals say that we don’t have a spending problem; we have to raise taxes.
In the first eleven months of fiscal year 2015, from October of 2014 through the end of August this year, the feds raked in a record $2.88 trillion. Yet, the feds still managed to run a huge deficit. CNS News reported:
Despite the record tax revenues of $2,883,250,000,000 in the first eleven months of this fiscal year, the government spent $3,413,210,000,000 in those eleven months, and, thus, ran up a deficit of $529,960,000,000 during the period.
According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in August (including both full and part-time workers) was 149,036,000. That means that the federal tax haul so far this fiscal year has equaled $19,345.99 for every person in the United States with a job.
In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.
An additional 3.8 percent tax on dividends, interest, capital gains and royalties–that was embedded in the Obamacare law–also took effect in 2013.
The largest share of this year’s record-setting October-through-August tax haul came from the individual income tax. That yielded the Treasury $1,379,255,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $977,501,000,000. The corporate income tax brought in $268,387,000,000.
Liberals don’t actually care about the debt and deficit. Of course, most professing conservative politicians don’t either.
Once politicians, regardless of what side of the aisle they’re on, get high enough on the political ladder, they see how profitable it is to be a big government proponent. They have access to an endless supply of money, much of it from taxpayers. They see how they can win votes by promising people “free” stuff. The “free” stuff is only made possible by increasing spending and creating new agencies and programs.
It’s nearly impossible to win as a politician these days by campaigning on personal responsibility and independence from government.