Skip to content

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

Free World Class Education
FREE Catholic Classes

By Catholic Online (NEWS CONSORTIUM)
4/22/2014 (5 years ago)
Catholic Online (https://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 (https://www.catholic.org)
4/22/2014 (5 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 2019 - Distributed by THE CALIFORNIA NETWORK


Comments


More Politics & Policy

Mississippi pro-lifers file suit against abortion clinic protest restrictions Watch

Image of People praying at abortion clinic

Pro-life advocates in Jackson, Mississippi have filed a lawsuit against a new city ordinance that would restrict protesters' ability to ... continue reading


Calif. governor signs state college campus abortion pill mandate into law Watch

Image of Pregnancy test

California governor Gavin Newsom signed into law Friday a measure requiring public universities to provide free access to medical abortions ... continue reading



Ohio Down syndrome abortion ban remains blocked after court ruling Watch

Image of Baby with Down Syndrome

A federal appeals court on Friday upheld a block on an Ohio law banning abortions on the grounds of a diagnosis of Down syndrome. Former ... continue reading


California expands statute of limitations for childhood sex abuse Watch

Image of California State Capitol

California Governor Gavin Newsom signed into law on Sunday a measure extending the statute of limitations for childhood sex abuse victims. ... continue reading


Pope Francis appoints new head of Vatican security Watch

Image of Dome of St. Peters Basilica

Pope Francis Tuesday appointed the second-in-command of Vatican security to head the City State's national police force, after the ... continue reading


Never Miss any Updates!

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

Catholic Online Logo

Copyright 2019 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 2019 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.

Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.