If there is one area that government has been unquestionably successful in over the past several decades, it has been in collecting revenue. Despite stagnant wages and a moribund economy, the dollars keep rolling in to both Washington and state capitals.
Taxrevenue.com estimates that the “direct revenue” collected in fiscal year 2016 breaks down as follows: Approximately $3.3 trillion went to Washington, $1.9 trillion to the states, and $1.4 trillion to local governments. Combined, all that totals $6.6 trillion.
The U.S. Census Bureau reported after last year’s April 15 tax day headline that “State government tax revenue increased 2.2 percent, from $847.1 billion in fiscal year 2013 to $865.8 billion in 2014, the fourth consecutive increase… General sales and gross receipts taxes drove most of the revenue growth, increasing from $258.9 billion to $271.3 billion, or 4.8 percent. Severance taxes (levies imposed on removal of natural resources) increased 6.0 percent, from $16.8 billion to $17.8 billion, and motor fuel taxes increased 3.4 percent, from $40.1 billion to $41.5 billion.”
On the federal side, A Freebeacon analysis reports, “since 1998, tax revenues have increased 30 percent.” In FY 2015, Washington took in approximately $3.3 trillion.
For all that increased revenue, however, Americans have gained very little. Some salient examples: Social Security remains headed for insolvency. Government pensions are underfunded. The poverty rate remains virtually unchanged since the War on Poverty began in the 1960’s. In the face of massive new threats from Russia, China, Iran, North Korea and terrorists, the Pentagon has endured substantial cuts. Infrastructure needs go unmet, with bridges, highways, water systems and other key elements in disrepair. NASA can’t put an astronaut in space other than by hitchhiking on a foreign craft.
And, of course, there is the debt and the deficit. The federal debt has skyrocketed by over $8 trillion during the Obama Administration, soaring from $10,626,877,048,913 on the day he was first inaugurated to $18,722,746,583,118 currently.
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A CNS News study found that “the portion of the federal government’s debt that is held by the public…has more than doubled during President Barack Obama’s time in office” up by 113.8 percent.
Although the states, more restricted in their ability to engage in deficit spending, (they can’t print money like Washington) have been more stable than the national government, they too face challenges. The Mercatus organization notes that “there are troubling signs that many states are still ignoring the risks on their books, mainly in underfunded pensions and health care benefits. Even states that appear to be fiscally robust—perhaps owing to large amounts of cash on hand or revenue streams from natural resources—must take stock of their long-term fiscal health before making future public policy decisions.”
Despite all the increased revenue Washington and the states have consumed, and their lack of success in using it to balance their books or improve conditions, there are proposals to increase taxes even more.
A Tax Policy Center analysis concludes that Bernie Sanders’ tax proposals would increase taxes by $15.3 trillion over the next decade. The Center also concludes that Clinton’s tax plan “would generate $1 trillion in additional revenue for the government over the first decade and an additional $2 trillion over the next 20 years.” The Sanders and Clinton tax increase plans apparently are not aimed at paying down the debt or addressing the many needs noted above. Rather, they seek to finance new spending programs, including, depending on the candidate, high ticket items such as free college, universal health insurance, or continuing the massive increase in entitlements (such as food stamps) that have been the hallmark of the Obama tenure in office. That leaves all those essential areas, including social security, defense, infrastructure, still facing massive solvency challenges.
In contrast, the Republican candidates look to cut taxes, but critics note that they don’t provide adequate details on how the lost revenue would be replaced.