Skip to content

He just keeps coming and coming! Highest - and longest period of taxation proposed by President Obama

By Catholic Online (NEWS CONSORTIUM)
4/22/2014 (3 years ago)
Catholic Online (www.catholic.org)

Under plan, taxes would rise from 17.6 percent of GDP in 2014 to 19.2 percent in 2024

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama presented to Congress last month.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
4/22/2014 (3 years ago)

Published in Politics & Policy

Keywords: President Obama, taxation, budget, proposal


LOS ANGELES, CA (Catholic Online) - Taxes would rise from 17.6 percent of Gross Domestic Product, or GDP in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP. To date, the United States has never been subjected to a ten-year stretch of taxation at that level.

In the twelve fiscal years preceding the Japanese attack on Pearl Harbor, the years of 1930 through 1941, federal taxation averaged 5.3 percent of GDP. In the five fiscal years encompassing U.S. involvement in World War II, the years of 1942 through 1946, federal taxation averaged 16.1 percent of GDP.

Check out our fine selection of Bibles -- by going here!

Experts point out that in the fiscal years since World War II, or 1947 through 2013, federal taxation has averaged 17.1 percent of GDP.

Through the fiscal years of 1992 through 2001, federal taxes averaged 18.3 percent of GDP. In the last four years of that period, or 1998 through 2001, the federal budget was balanced.

In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDP-the same that they averaged during World War II.

In all ten years from 2015 through 2024, under Obama's proposal, federal taxes would be higher than 18.3 percent of GDP. During the period of 1992 through 2011, there were only five straight years, or 1997-2001 when federal taxes were higher than 18.3 percent of GDP.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

"The President's budget would make a number of changes to the tax law," the report says. "If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about three percent, during the 2015-2024 period."

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for OCTOBER 2017
Workers and the Unemployed.
That all workers may receive respect and protection of their rights, and that the unemployed may receive the opportunity to contribute to the common good.


Comments


More Politics & Policy

Goodbye Net Neutrality! You are about to feel how bad government corruption is Watch

Image of The FCC is voting away its ability to protect you. And Congress does not appear ready to help.

Federal regulators are about to surrender their power to enforce net neutrality. The decision will impact the lives of all Americans, even ... continue reading


President Trump returns federally seized land to Utah Watch

Image of The land in Utah belongs to the people of Utah, and it should be for them to decide how best to use it. The benefits should go to them, not the federal government in Washington D.C.

President Trump has reversed a federal land seizure from the people of the state of Utah, allowing them to decide how best to use the land ... continue reading


'Crime against humanity': We must work together to eliminate human trafficking - modern day's slavery Watch

Image of The United States had more than 5,000 reported cases of human trafficking in 2016.

The international community must join forces to eliminate human trafficking and its root causes, the Vatican's representative to the United ... continue reading


Tell all proves the scandals are TRUE: Hillary Clinton is EVIL Watch

Image of Clinton is legendary for her corruption. Now, DNC insiders are telling all.

For years, critics of Hillary Clinton have accused her of corruption, dirty tactics, lying, deceit and more. Her apologists have dismissed ... continue reading


Grim, fast facts about human trafficking Watch

Image of Slavery is on the rise.

It is a mistaken belief that slavery is a thing of the past. On the contrary, slavery is surging and becoming increasingly common. While ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Information
Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Services
Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on catholic.org

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Education
Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

Catholic Online MasterClass
Learn from experts

School Teachers
Teacher lesson plans & resources

Catholic Media Missionaries
The New Evangelization

Support Free Education
Tax deductible support Free education

Socials
Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.