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Americans are paying the highest taxes and largest share of GDP ever

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“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).

The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.

“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.

“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.

Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”

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2 Comments

2 Comments

  1. Penny Crane

    June 3, 2022 at 9:09 pm

    Taxation without representation is against the law as is the biden administration since there is no US Corp any longer. They are stealing the American people’s money right out from under them

  2. Stephane

    June 5, 2022 at 5:26 am

    That is until biden is thrown out with the rest of the left whoremongers!

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Economy

CO leaders stating they won’t use any city money to support migrants or to alleviate the crisis in Denver

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In February 2018, Denver city leaders sent a valentine to foreigners interested in relocating to the progressive mountain city and a message to any elected officials looking to stop them:

Draped on Denver’s City and County building was a large, blue banner: “Denver ❤️ Immigrants.”

Then-mayor Michael Hancock event posted on social media that it was a statement of “love” to let immigrants know that Denver is “an open and welcoming city.” However, six years later, Denver residents are facing an uphill battle of repercussions from the liberal leaders’ actions. Amid a crisis that has seen more than 40,000 migrants arrive in the city since late 2022, Denver leaders have a new message: If you stay in Denver, you will suffer.

“The opportunities are over,” an official with new mayor Mike Johnston’s office told a gathering of migrants in Spanish inside a city shelter in late March, according to a video obtained by a local television station. “New York gives you more. Chicago gives you more.”

On Monday, Douglas County filed a lawsuit against the state of Colorado and its Democratic governor Jared Polis in Denver District Court over the issue.

The lawsuit is challenging the constitutionality of two state laws passed by Democrats in the Colorado legislature: a 2019 law that restricted the ability of local law enforcement to cooperate with federal immigration officials in civil cases, and a 2023 law that prohibits local governments from entering or renewing detention agreements with ICE and that prohibits them from funding immigration detention facilities owned or operated privately.

“The nation is facing an immigration crisis. The nation, the state, and local governments need to cooperate and share resources to address this crisis,” the lawsuit states, adding that the 2019 and 2023 laws in question “prohibit the necessary cooperation and create dangerous conditions for the State and migrants.”

Teal contends that “the state doesn’t have the inherent authority to limit the ability of a local jurisdiction to work with any agency, regardless be it local, state, or federal.” By doing so, he said, “the state is inhibiting the local communities, the local jurisdictions from providing for the safety” of their residents.

“We are seeing what is going on in Denver, and we do not want that coming here to Douglas County. It is not safe,” Douglas County commissioner Lora Thomas, a former state trooper, said during a Monday morning press conference announcing the lawsuit.

Douglas commissioner Abe Laydon said on Monday that the lawsuit “is about putting America first and about putting Coloradans first.” As a Latino, he said, he recognizes “the plight of those seeking refuge and asylum here in the United States,” but he added that “Douglas County is a place where quality of life comes first.”

National Review reports on the mile-high city’s crisis:

In January, the city was housing and feeding almost 5,000 migrants, mostly Venezuelans, in hotel shelters. Other migrants slept in tents on sidewalks and in parking lots, adding a new wrinkle to Denver’s ongoing struggles with panhandling and squalid homeless camps.

At intersections throughout Denver, migrants with water bottles and squeegees head into traffic to try to make a few bucks washing drivers’ windshields.

To address a migrant-driven financial crunch, the city is now cutting hours at local rec centers, slashing park programming, and freezing hiring in some departments. To save a little money, the city has decided against planting flowers in some of its parks and medians this spring.

The migrant crisis has cost the Denver region at least $170 million, according to a conservative estimate by Colorado’s Common Sense Institute, which looked at city spending as well as school and hospital costs, and is almost surely an undercount.

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