Cut taxes: Raise Record Federal Tax Revenue

[SlugSlinger]

Too bad they can't control spending.

Inflation-adjusted federal tax revenues hit a record $2,103,987,000,000 for the first eight months of the fiscal year this May, but the federal government still ran a $365,156,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”

In constant 2015 dollars, the $2,103,987,000,000 that the federal government collected from October through May in fiscal 2015 was $170,187,740,000 more than the $1,933,799,260,000 it collected in October through May in fiscal 2014.

The Treasury has been tracking these data since 1977 and at that time the federal government collected $868,767,320,000 in inflation-adjusted revenue in the first eight months of fiscal 1977. This means that since then, revenues have more than doubled, increasing by 142 percent.

After fiscal 2014, the third highest federal tax intake in the first eight months of a fiscal year occurred in the first eight months of fiscal 2007, when the government collected $1,904,296,620,000 in 2015 dollars – or $199,690,380,000 less than in the first eight months of this fiscal year.

Although the federal government brought in a record of approximately $2,103,987,000,000 in revenue in the first eight months of fiscal 2015, according to the Treasury, it also spent approximately $2,469,144,000,000, leaving a deficit of approximately $365,156,000,000.

 

[Dave70968]

Of course, that assumes you trust the inflation numbers. You shouldn't.

 

[SlugSlinger]

Of course, that assumes you trust the inflation numbers. You shouldn't.

You have to understand how the inflation numbers are calculated and what they represent. That doesn't mean you can't trust the inflation numbers.

Don't trust what the media tells you about the inflation numbers.

 

[Dave70968]

I don't need the media to tell me that the feds keep redefining it; they openly admit it. They've gone to "core" inflation, which excludes food and energy. Quick, name two sectors that have seen significant price increases!

If you adjust the definition to exclude sectors where prices are rising, it's only natural that you'll see modest inflation numbers.

Goverrnments lie.

 

[SlugSlinger]

CPI is a better measure of increases in prices of food and energy.

And I'm not arguing that governments lie. They do!