44 Percent Hike in Taxes Covers Obama-Era Debt

http://www.prisonplanet.com/44-percent-hike-in-taxes-covers-obama-era-debt.html


44 Percent Hike in Taxes Covers Obama-Era Debt


Terence P. Jeffrey
CNS News
September 28, 2016
President Barack Obama has presided over a federal government that has already taxed more than $20 trillion away from the American people. But to cover the federal spending he has presided over without increasing the federal debt, he would have needed to increase federal tax revenues by about 44 percent.
Since he was inaugurated in January 2009, Obama has completed 91 full months in office, running from February 2009 through August 2016. As this writer has reported at CNSNews.com, the monthly Treasury statements show that during those 91 months, the federal government collected approximately $20,197,437,000,000 in total revenues.
But the Treasury’s “Debt to the Penny” database shows that during those same 91 months, the total federal debt increased by $8,878,290,996,028.69. $20,197,437,000,000 in total taxes was not nearly enough to cover the spending the federal government did in the first 91 months of the Obama era.
To avoid any increase in the federal debt over those 91 months, the federal government would have needed to haul in approximately $29,075,727,996,029 in total taxes. In other words, the government would have needed to impose a tax bill on the American people over those 91 months that was approximately 44 percent higher than the tax bill it did impose.
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This article was posted: Wednesday, September 28, 2016 at 6:17 am