Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in.
In its latest Budget and Economic Update, the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007, when the last recession officially began.
Government revenues had fallen by nearly $500 billion during the recession to $2.1 trillion in 2009, contributing to the $1.5 trillion deficit that year. However, federal revenues have been recovering since the recession ended in June 2009, and the CBO now projects that they will slightly eclipse their pre-recession peak.
In fact, the $2.7 trillion in revenue will be the most money the federal government has collected in history.
According to historical tables compiled by the White House Office of Management and Budget, the government has never collected more than the $2.6 trillion it collected in 2007, meaning that if CBO’s projection is correct, it will set a new record for revenue collection in 2013.
This projection could undercut a key argument made by the White House that any balanced approach to deficit reduction must include more federal revenue in the form of “tax reform.”
READ FULL SOURCE ARTICLE: 03/04/2013
Editor's Note: The Progressive and Liberal Democrat argument for increased taxation needs to die with this report. With the federal government collecting more from the American people and American enterprise than ever before, only the most stunted moron would say we have a revenue problem. This is proof positive, with out question and inarguable, that we have a massive and grotesque spending problem. Mr. Obama, et al, enough BS about taxes...get cutting!!
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