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 MAY 2017
Christians in Africa.
That Christians in Africa, in imitation of the Merciful Jesus, may give prophetic witness to reconciliation, justice, and peace.


Comments


More Politics & Policy

Pope Francis vs. President Trump: What does the Holy Father hope to find in Trump's visit to the Vatican Watch

Image of President Trump's first foriegn trip will include a stop at the Vatican to meet Pope Francis.

In a press conference on Saturday, Pope Francis voiced hope that he will find "open doors" in his meeting with U.S. President Donald Trump ... continue reading


Is the Constitution about to change? Texas joins states calling for a convention to restrict federal government Watch

Image of Article V is a safety measure that allows the states to amend the Constitution if the federal government won't.

The state of Texas has passed a resolution invoking Article V of the U.S. Constitution, calling for a Convention of the States to curtail ... continue reading


The influence of God seen in White House, as Trump appoints pro-life leader to HHS post Watch

Image of Dr. Charmaine Yoest [not pictured] is a pro-life leader, and now is the Assistant Secretary of Public Affairs at HHS.

President Trump has appointed Dr. Charmaine Yoest to be Assistant Secretary of Public Affairs at the Department of Health and Human ... continue reading


Did the Catholic Church assassinate President Lincoln? Watch

Image of John Wilkes Booth, a convert to Catholicism, assassinated President Lincoln on April 14, 1865,

Did Catholics conspire to assassinate Abraham Lincoln? According to National Catholic Register, and the facts themselves, yes, they did. ... continue reading


It feels great to win! Here's the list of things President Trump has accomplished in his first 100 days Watch

Image of President Trump has accomplished a lot in his first hundred days.

Donald Trump has reached the 100-day mark with an incredible list of accomplishments. Here's what he's done since he took office. While the ... continue reading


Never Miss any Updates!

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

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.