Record taxes mean that the Feds “only” added a half-trillion dollars to the national debt this year. Let’s celebrate?
You know you’re doomed when your Secretary of the Treasury takes a “victory lap” simply because the Federal Government devoured an all-time record of citizens’ hard-earned money—and it still spent half-a-trillion more than it plundered!
From the Washington Times: “Obama’s cash grab: Feds’ tax-take hits all-time high.”
The federal government collected a record amount of taxes in fiscal 2014, topping $3 trillion in revenue for the first time in its history, according to Treasury Department numbers released Wednesday that show the influx helped drop the deficit to its lowest level under President Obama.
The recovering economy was the key, sending personal and corporate incomes higher — and thus sending more money to Washington. Individual taxes rose 6 percent and corporate income taxes, which are the best indicator of a business recovery, leapt 17 percent.
Treasury Secretary Jacob Lew took a victory lap over the numbers, saying the hike in taxes spurred the better news.
This is like a thief celebrating his $300,000 haul, by racking up $350,000 on his own credit card. Dumb, just dumb.
“The president’s policies and a strengthening U.S. economy have resulted in a reduction of the U.S. budget deficit of approximately two-thirds — the fastest sustained deficit reduction since World War II,” Mr. Lew said.
Have another glass of that champagne, Mr. President, it’s just hard-working guys like me having to sweat six days a week so you can travel the world playing golf, and enjoying the best. You and your friends… party on.