Overall federal tax collected in current dollars for the United States.
Tax Revenue Rises in 2008 But Well Below Spending
Published Thursday, March 19th, 2009
The Release of the 2008 Internal Revenue Service Data Book details many aspects of the fiscal intake of the Federal Government, including information about returns filed, tax collections, enforcement, taxpayer assistance, the IRS budget and workforce. During the fiscal year (Oct. 1, 2007-Sept. 30, 2008) of 2008, the IRS collected more than $2.3 trillion in taxes and processed over 250 million returns. $270.4 billion was distributed through the stimulus payments. Overall, the IRS spent an average of $0.41 to collect each $100 of tax revenue; that is $94.3 million. This number is actually down since the advent of the electronic filing system, of those filed, 101 million or 58% of individual tax returns were filed electronically.
The amount of tax revenue in current dollars has just recovered its stride from the deep tax cuts—its recent low point of 1.66 trillion in 2003—that the Bush Administration imposed. The percentage of tax returns examined by the IRS has actually increased and stayed steady since 2006 at an examination rate of 1% per year. However, with the new spending by both Presidents Bush and Obama, the increased tax revenue will not meet spending for the eighth year in a row.
Stimulus Act Raises Budget Deficit to WWII Levels
Published Sunday, March 1st, 2009
With this new $787 billion dollar Stimulus Act came nearly $350 million for oversight—0.04% of the total act—involving $253 million for Inspectors general, $84 million for a transparency board, and $25 million for the Government Accountancy Office. The previous $700 billion bank bailout had $50 million or 0.007% of oversight. David M. Walker, former head of the Government Accountability Office stated that “If you don’t have appropriate conditions set up front, you are going to end up having a lot of disappointments.” President Obama, planning ahead, wants to begin looking to some hefty financial cut backs and careful spending of taxpayers dollars to return the budget deficit back to 3% of GDP by 2014.
The newly proposed 2010 Budget has reported that the 2009 federal budget deficit with the new Stimulus Act will be approximately 12.3% of the Gross Domestic Product, up from 3.2% last year. For a bit of perpective, during the years of World War II, 1942-1945, the budget deficit hit 14.2%, 30.3%, 22.7% and 21.5% of GDP, respectively. Adding the 2008 bank bailout, $748 billion, places the current total debt at $10,843 billion, although a portion of these funds may be recovered or overall yield a profit from the owned shares in these banks.
Congressional Budget Office - http://www.cbo.gov/ftpdoc.cfm?index=3521&type=0
Presenting a 125-year picture of the financial affairs of the federal government, this policy brief shows the size of the federal budget in relation to the general economy from the middle of the last century through the projected retirement years of the children of the post-World War II baby boomers.
Tax Reform Panel - http://www.taxreformpanel.gov/
"For millions of Americans, the annual rite of filing taxes has become a headache of burdensome record-keeping, lengthy instructions, and complicated schedules, worksheets, and forms – often requiring multiple computations that are neither logical nor intuitive." The Presidents Advisory Panel on Federal Tax Reform in its final report.