Well, the world should soon see how wrong they are.
A new analysis, notes cable network CNBC, says “average tax bills for high-income families rarely have been higher since the Congressional Budget Office began tracking the data in 1979. It’s middle- and low-income families who aren’t paying as much as they used to.”
So taxes on the rich are at a 30-year high – and some 47 percent of the population doesn’t pay federal income taxes at all.
Moreover, projections by the Congressional Budget Office predict federal revenues will be at record levels this year – $2.7 trillion – “the most money the government has ever taken in,” one news report summed up.
“According to historical tables compiled by the White House Office of Management and Budget,” the report says, “the government has never collected more than the $2.6 trillion it collected in 2007, meaning that if CBO’s projection is correct, it will set a new record for revenue collection in 2013.”
So, question: Will the president and Democrats in Congress acknowledge those things and surmise that we’re already taking enough money out of the economy – that the real problem is spending all of that and more? If we still have a deficit, even with record revenues especially from the well-off, won’t Democrats then have to acknowledge that it’s a spending problem?
Don’t hold your breath. They have staked the entire Democratic Party’s future on the supposed incessant need for more and more of our money. Even though they’ll get record amounts of it this year.
It will never be enough – particularly when Washington spending is so completely out of control.
How can they tell how much is enough anyway? The Democrat-led Senate has refused to pass a federal budget in four years.
Regardless, it appears the only way Washington can make a case for needing more of your money is to lie, exaggerate and fear monger.
The Obama administration predicted gloom and doom with the coming of last Friday’s “sequestration” budget cuts, but had to admit later that they’d exaggerated – although they seem to be trying to cause as much pain as possible with the cuts they’re choosing.
Consider, too, that most American workers had their payroll taxes go up 2.4 percent in January. That’s about the level of sequestration cuts – and we’re supposed to panic that the government has to cut the same amount (and over a longer period of time)?
In some cases administration officials simply appear to have lied about sequestration’s effects. The Washington Post – a largely liberal newspaper – slapped Education Secretary Arne Duncan with “four Pinocchios” – the paper’s highest dishonor for misinformation – for his claim that sequestration could leave 40,000 teachers without a job and that “pink slips” were already going out in one West Virginia county.
Neither was even close to being true. The Post couldn’t find any evidence of sequester-related layoffs – though there were some 100 unrelated transfer notices in the West Virginia county he mentioned. The biggest issue in the West Virginia school district, the Post learned, was actually teacher absenteeism.
“In fact,” writes the Post, “few in the county seemed to know what Duncan was talking about, including the education reporters who cover the school district for the Charleston, W.Va., newspapers.”
Duncan’s office now claims the 40,000 layoff figure was a “rough back-of-the-envelope calculation.” Great. The highest levels of your federal government are setting policy and making public pronouncements based on sketches on the backs of envelopes. Just wait till the new shipment of cocktail napkins comes in; then you’ll really get some good information!
Of course, Duncan and the other Cabinet members who tried to panic the citizenry are nothing compared to Democrat Rep. Maxine Waters of California, who predicted 170 million Americans would lose jobs due to sequestration. That’s a neat trick, since there are only around 140 million total jobs in the U.S. (she later backtracked).
Just be aware of the scare. With federal revenues at soon-to-be record levels, lying is the only way they can squeeze more money out of you.