There’s one critical subject we need to hear about — not just from Donald Trump, but every single presidential candidate, both Republican and Democrat. And I don’t believe we’ve even heard these questions asked yet: will you support a balanced budget amendment and what are your federal budget priorities? While it might not be the most sizzling topic, it indeed is critical to saving our republic.
We keep hearing from the liberal progressive left we need to raise taxes more. They keep droning on that the federal government needs more hard-earned taxpayer dollars in order to provide for better “investments.” Has anyone recently asked a leftist legislator what the rate of return is on a government investment?
And since the Environment Protection Agency (EPA) is responsible for the toxic mine waste spill in the Animas river, can they be sued? Whose money, actually, would pay for the lawsuit being considered by three western states?
Well, based on a recent report, the U.S. federal government is awash with cash revenues. So, why then, do we still have a deficit and massive debt?
As reported by the Washington Free Beacon:
The federal government collected a record amount of taxes in the first three quarters of fiscal year 2015, exceeding $2.4 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the record revenue, the federal government ran a deficit of $313 billion.
Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first three quarters of fiscal 2015, the amount of taxes collected by the federal government outpaced the first three quarters of all previous fiscal years, even after adjusting for inflation. The 2015 fiscal year begins on Oct. 1, 2014 and runs through Sept. 30, 2015.
The federal government collected $2,446,920,000,000 from October through June in fiscal year 2015. Most of the $2.4 trillion came from individual income taxes, which comprised almost half of that total, totaling $1.1 trillion.
Now one President Obama will take credit for the deficit being down to $313B. But, remember, the first four Obama deficits — all over $1T dollars. So Obama losing the U.S. House in 2010, which controls the purse strings, has a lot to do with the lowered deficit.
But we need to ask ourselves how much of the federal budget is on the mandatory spending side, which is some 63% of our budget? The discretionary spending side makes up the rest, and defense discretionary spending comes in at around 18% of our overall budget. I tend to believe Planned Parenthood is not exactly a fiscal priority for the U.S. federal government; we do fund community health clinics already.
See, the problem isn’t with tax revenues; it’s with spending outlays. There’s no control mechanism to U.S. federal government spending, which is in need of serious reforms. Now, adding to this calculation, you have to ask how much revenue is taken from the American citizen and business owner due to the ever-expanding regulatory administrative state. I recently read of a Maryland dairy farmer who had $30K of his fairly earned revenue taken from him by the Internal Revenue Service.
No one minds paying their “fair share,” if they know the funds are being used toward constitutional priorities. And you ask why the American people are fuming mad?
How many of you have to create a budget that balances with your revenues? I remember the Democrats working hard to defeat a balanced budget amendment when I was serving in Congress. When the measure failed, some members actually applauded on the other side of the aisle, including one Jesse Jackson Jr. — seen him lately?
We can’t have a discussion about tax reform unless we also discuss regulatory and spending reforms. It’s unconscionable that the federal government is raking in record tax revenues and we’re still operating with deficits and debt — far higher than the $18.3T when one considers the unfunded liabilities.
So, let’s end the federal government’s practice of baseline budgeting and move toward zero-based budgeting. Let’s elect a president who doesn’t seek to implement a rule by executive fiat and enable the administrative state to institute a system of taxation by regulation. And let’s examine how we can get to a federal balanced budget amendment. Again, that’s a critical question to be asked of every single presidential candidate: will you support a balanced budget amendment and what are your federal budget priorities?
We will never move forward in this country by penalizing those who are producing and creating better economic opportunities for our nation. If the new normal for America is sustaining a dependency society, then the days of this republic are numbered. Remember there are three components to our security — economic, energy and national. We need to be hammering the POTUS wannabes on those three categories to ascertain how they will be good stewards of our nation’s financial resources.
The false narrative of “economic fairness and fair share” are meaningless. Stop wastefully spending our money!