Because the numbers are so large, most people don't bother to look at federal taxes and end up making assumptions that are at odds with the actual numbers. Federal taxes and the federal budget are very different from political rhetoric and muck of media reporting.
Every year the federal government adds to its historical analysis of who paid income taxes and how much they paid. Based on the rhetoric that floats around during the budget crisis that seems to return every few months, you might get the wrong idea. Interestingly, the federal income tax — the largest share of federal revenues — is remarkably progressive and has been getting more so for the last 30 years..... Click here to keep reading.
Obamacare is an awful law. It’s falling apart under its own weight, and President Obama has already been forced to waive key provisions several times to prevent the law’s disastrous consequences from fully hitting us. Repealing Obamacare is a good idea, and Congress should do everything it can to get rid of it. Unfortunately, the push to de-fund Obamacare through the appropriations process just won’t work.Click here to keep reading.
An initial look at state revenues for fiscal year 2013 showed that the year ended with a $47.9 million dollar surplus in the General and Education Trust Funds. Most tax collection was in line with forecast, with several major exceptions. In addition, several, one-time revenues were realized, increasing the surplus. Though these figures are unaudited, the final size of the surplus will likely be roughly the same....Click here to keep reading.