Federal Taxes Explained

Informed and Rational · Apr 8, 2014

Finally, some non-partisan, short, simple explanation of the Federal Progressive Tax Code. https://www.youtube.com/watch?v=1hhCs9r33tM&feature=youtu.be

waltky · Apr 21, 2014

Granny says, "Dat's right - Obama taxin' us more dan we ever been taxed before...

Tax Day Tax Revenue Set All-Time Record
April 21, 2014 -- Inflation-adjusted federal tax revenues hit an all-time record of $1,428,710,000,000 from the beginning of the fiscal year on Oct. 1 through April 15, the deadline for filing federal tax returns for 2013, according to the Daily Treasury Statement.

Each business day, the Treasury publishes a statement summarizing the governments accounts as of the close of the previous business day. This daily statement includes an accounting of total Federal Tax Deposits thus far in the fiscal year, which starts on Oct. 1 and ends on Sept. 30. Total Federal Tax Deposits include withheld income and employment taxes, individual income taxes, railroad retirement taxes, excise taxes, corporation income taxes, federal unemployment taxes, estate and gift taxes and miscellaneous Internal Revenue Service receipts. As of the close of business on April 15, according to the Daily Treasury Statement, the Treasury had taken in $1,428,710,000,000 in total taxes so far this fiscal year.

In constant 2014 dollars, that was $79,165,040,000 more than the $1,349,544,960,000 the Treasury had collected in taxes by April 15 fiscal 2013, and was a record for federal tax collection as of April 15. Prior to this year, the highest federal tax intake by Tax Day, April 15, occurred in fiscal 2008, when the government collected $1,391,321,650,000 in 2014 dollars, or $37,388,350,000 less than what it had collected by April 15 of this year. In years when April 15 fell on the weekend, CNSNews.com compared the total taxes collected as of April 15 this year with the total tax collected by April 16 or 17 in the year in question.

Despite the record rate of revenue collection so far in this fiscal year, the Treasury reported in its monthly statement for March that through that month the government had already amassed a deficit of $413 billion for fiscal 2014. Each business day, the Treasury publishes a statement summarizing the governments accounts as of the close of the previous business day. This daily statement includes an accounting of total Federal Tax Deposits thus far in the fiscal year, which starts on Oct. 1 and ends on Sept. 30. Total Federal Tax Deposits include withheld income and employment taxes, individual income taxes, railroad retirement taxes, excise taxes, corporation income taxes, federal unemployment taxes, estate and gift taxes and miscellaneous Internal Revenue Service receipts. As of the close of business on April 15, according to the Daily Treasury Statement, the Treasury had taken in $1,428,710,000,000 in total taxes so far this fiscal year.

In constant 2014 dollars, that was $79,165,040,000 more than the $1,349,544,960,000 the Treasury had collected in taxes by April 15 fiscal 2013, and was a record for federal tax collection as of April 15. Prior to this year, the highest federal tax intake by Tax Day, April 15, occurred in fiscal 2008, when the government collected $1,391,321,650,000 in 2014 dollars, or $37,388,350,000 less than what it had collected by April 15 of this year. In years when April 15 fell on the weekend, CNSNews.com compared the total taxes collected as of April 15 this year with the total tax collected by April 16 or 17 in the year in question. Despite the record rate of revenue collection so far in this fiscal year, the Treasury reported in its monthly statement for March that through that month the government had already amassed a deficit of $413 billion for fiscal 2014.

http://www.cnsnews.com/news/article/ali-meyer/tax-day-tax-revenue-set-all-time-record
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See also:

Obama Calls for Highest Sustained Taxation in U.S. History
April 21, 2014 -- In the budget proposal he presented to Congress last month, 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.

Under Obamas proposal, taxes would rise from 17.6 percent of Gross Domestic Product in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP. America 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 (1930 through 1941), federal taxation averaged 5.3 percent of GDP. In the five fiscal years encompassing U.S. involvement in World War II (1942 through 1946), federal taxation averaged 16.1 percent of GDP. In the fiscal years since World War II (1947 through 2013), federal taxation has averaged 17.1 percent of GDP.

In the period from fiscal 1992 through 2001, federal taxes averaged 18.3 percent of GDP. But in the last four years of that period (1998 through 2001), the federal budget was in balance. In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDPthe same that they averaged during World War II. However, the federal government ran deficits in each of those twelve years. 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 (1997-2001) when federal taxes were higher than 18.3 percent of GDP.

Under Obamas budget proposal, according to the CBO, the budget will never balance. But over the next ten years, the federal government would add $7.183 trillion to its debt held by the public. While adding that $7.183 trillion to the debt held by the public, Obama would increase taxes by $1.4 trillion, said the CBO report. The Presidents budget would make a number of changes to the tax law, said the report. If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about 3 percent, during the 2015-2024 period.

http://www.cnsnews.com/news/article...a-calls-highest-sustained-taxation-us-history
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waltky · May 13, 2014

Granny wantin' to know if dat means her Halliburton stocks gonna be deductible?...

KEY TAX BREAKS
May. 13, 2014 ~ The Senate voted 96-3 Tuesday to begin debating a bill to renew more than 50 tax breaks for businesses and individuals. Most of the tax breaks expired at the beginning of the year. The bill would renew them through 2015, adding about $85 billion to the budget deficit.

Some of the key tax breaks, with the amount taxpayers would save over the next decade:

A tax credit for businesses that invest in research and development. Savings: $15.4 billion.

A tax credit for using wind farms and other renewable energy sources to produce electricity. Savings: $13.3 billion.

An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. Savings: $10.4 billion.

A deduction that allows residents who live in states without an income tax to deduct state and local sales taxes on their federal returns. Savings: $6.5 billion.

A tax break that protects struggling homeowners who get their mortgages reduced from paying income taxes on the amount of debt that was forgiven. Savings: $5.4 billion.

A tax break that allows restaurants and retailers to more quickly write off the cost of capital improvements. Savings: $4.8 billion.

A tax break called bonus depreciation that allows profitable companies to write off large capital expenditures immediately, rather than over time. Savings: $2.9 billion.

A tax deduction of up to $250 for teachers who use their own money to buy classroom supplies. Savings: $430 million.

A tax credit for expenses related to railroad track maintenance. Savings: $414 million.

Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories.

Previously, the rebate was $10.50 a gallon. The new law extends a more generous rebate of $13.25 a gallon through 2015. Cost: $336 million.

A tax break that allow motorsport races tracks to more quickly write off the cost of improvements. Savings: $71 million.

A tax break that allows TV, movie and theatrical productions to more quickly write off expenses. Sexually explicit productions are ineligible. Savings: $27 million.

A tax break that allows people who buy race horses to more quickly write off the cost. Savings: $9 million.

http://bigstory.ap.org/article/key-tax-breaks
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FreshAir · May 13, 2014

waltky said: ↑

Granny says, "Dat's right - Obama taxin' us more dan we ever been taxed before...

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blame republicans... Obama wanted to give us more back, but republicans would not let him, they demanded the rich get their super-sized tax cuts instead

by the way, the ones paying more are the ones that can afford to pay more... IE the 1%, just the working class are not paying less as republicans would not allow that....

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