Monday, April 16, 2007

Wow. I'm Actully Stunned!

"At the beginning of this article I said that the total revenue of the federal government during its most recently completely fiscal year was $2.406 trillion and that individual income taxes collected during this period were $1.043 trillion. This means that if you subtract the income taxes collected from total revenue you end up with $1.363 trillion for the federal government to spend. That is just a little less than the government spent during the fiscal year in which Clinton began his first term.

Are income taxes evil? Yes. Should they be eliminated? Yes. Would it be a terrible thing if the federal government still spent over $1 trillion? Yes. But it is a start. It is real tax reform. With no income tax, there will be no capital gains tax, no withholding tax, no EITC welfare program, and no refundable child credit welfare program — all without a NRST.

All of this, of course, depends on Congress. Although it is true that the president submits a budget to Congress, it is Congress that ultimately decides on the amount of federal spending. It is only because we have a monstrous welfare/warfare state that the government "needs" to collect an income tax. The beginning of Clinton's presidency was not that long ago. The income tax can be abolished. It can be done quickly; it can be done painlessly — and it can be done for the benefit of the American taxpayer instead of the federal leviathan. Now that is real tax reform."


This is an interesting piece (HERE). But to me the big surprise is that the federal budget has more than doubled since 1992. 15 years.

Now some of that is of course because of the ridiculous inflation (read: devaluation of our currency) in which the FED engages. But still! Double?

Labels: ,

0 Comments:

Post a Comment

<< Home