Publius / October 19, 2015

Taxpayers Were Good to Washington This Year

It’s always more taxes and more spending.

The Wall Street Journal offers a sobering assessment of the federal budget. Yes, the deficit is down to “only” $435 billion, but spending is up (except for defense) and revenue is way up.

“The White House is crowing about the budget results for fiscal 2015, which ended September 30, and it’s true that Americans have been very generous to Washington. The federal government can celebrate record revenue of $3.249 trillion thanks to an 8% increase in receipts for the year.

"The revenue boom includes a huge 10.3%, or $144 billion, increase in individual tax payments to $1.538 trillion. Corporate tax receipts were only a little less generous, growing 7.3% to $344 billion. Payroll taxes continued their steady annual increase, growing 4.3% to $1.068 trillion. Keep in mind that inflation is growing by less than 2%, and even a modestly growing economy kicks off bundles of cash for the government. President Obama’s tax increase of 2013 also played a role by pushing more Americans into higher tax brackets. Mr. Obama and Hillary Clinton nonetheless want another tax increase.”

It’s always more taxes and more spending.

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