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Tax Revenues Projected to Hit All-Time High in 2013

DevinDenver Wrote: Mar 05, 2013 10:45 AM
I find it intriguing that Trumbell completely misses the basic arithmetic here. On the one hand, he notes that tax revenues, although projected to be at historic numeric highs, will still fall short of the 2007 level as a percent of GDP. The 2007 level was 18.5% of GDP. On the other hand, Trumbell notes that the 35 year average of government spending comprised 21% of GDP. Does he not see that even at these levels, we are still spending more than we take in? Even at the glory days levels, we are still running deficits and that PROVES we have a SPENDING PROBLEM.

The Congressional Budget Office anticipates that federal tax receipts will hit an all-time high of $2.7 trillion this fiscal year, yet the annual deficit will still clock in between $800 and $900 billion.  We have a spending problem:

An impasse over the shape of the federal budget keeps boiling down to this basic plotline: Democrats say the solution to high deficits must include more tax revenue, while Republicans say the fundamental problem is spending. Failure to reach a middle ground has prompted automatic spending cuts known as the “sequester” to go into effect. This wasn’t...