Posts Tagged ‘Congressional Budget Office’

Someone, likely influenced by the high excise taxes on products he was consuming, told me that excise taxes were the biggest source of government revenue.

What does the Congressional Budget Office report? From “The Budget and Economic Outlook: Fiscal Years 2010 to 2020,” published on January 2010:

Individual income tax receipts are the largest source of federal revenue, averaging about 45 percent of the total during the past 40 years. Those receipts and receipts from corporate income taxes (which are the third-largest source of revenue) have accounted for most of the historical variation in total revenues, and they account for most of the projected changes in revenues between 2010 and 2020.

It is the assessment of this author, as well as those in the Tax Honesty Movement, that income taxes, as currently structured in the United States, are unlawful. The reasons are best conveyed to most people in this digitalĀ era by the documentary “America: Freedom to Fascism.” I will elaborate on what I find to be the most compelling reasons for its unlawful nature in a future article.

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The United States Congressional Budget Office reported on January 7, 2009 that the U.S. would have a projected budget deficit of $1.2 trillion or 8.3% of GDP for fiscal year 2009 (from October 1, 2008 to September 30, 2009).

Less than two full months later, President Barack Obama announced on February 26, 2009, that the budget deficit would be $1.75 trillion or 12.3% of GDP (48% higher).

To put this in perspective, the article reports: “The $1.75 trillion deficit projected for this year would represent 12.3 percent of the gross domestic product, double the previous post-war record of 6 percent in 1983, when Ronald Reagan was president, and the highest level since the deficit totaled 21.5 percent of GDP in 1945, at the end of World War II.”

What great evil has the U.S. defeated in 2009 like they defeated back in 1945 (fascism) to justify such an expenditure? In fact, the deficit was nearly four times less in 2008 after the ‘war on terror’ had reached a crescendo.

For modern-day comparison to a similarly sized economy, the European Union requires that its member states limit their budget deficits to a maximum of 3% of their GDP per year, though that requirement has been broken several times. The latest projected U.S. budget deficit for 2009 will be over four times that number.

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