Obama’s cash grab: Feds’ tax-take hits all-time high

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Washington Times:

The federal government collected a record amount of taxes in fiscal 2014, topping $3 trillion in revenue for the first time in its history, according to Treasury Department numbers released Wednesday that show the influx helped drop the deficit to its lowest level under President Obama.

 

The recovering economy was the key, sending personal and corporate incomes higher — and thus sending more money to Washington. Individual taxes rose 6 percent and corporate income taxes, which are the best indicator of a business recovery, leapt 17 percent.

 

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Treasury Secretary Jacob Lew took a victory lap over the numbers, saying the hike in taxes spurred the better news.

 

“The president’s policies and a strengthening U.S. economy have resulted in a reduction of the U.S. budget deficit of approximately two-thirds — the fastest sustained deficit reduction since World War II,” Mr. Lew said.

 

Fiscal 2014 ended on Sept. 30 with the government $483 billion in the red. That’s down from $1.4 trillion in 2010, and is the lowest since 2007.