(CNSNews.com) - The amount of money the federal government takes out
of the U.S. economy in taxes will increase by more than 30 percent
between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.
At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.
"In particular, between 2012 and 2014, revenues in CBO’s baseline
shoot up by more than 30 percent,” said CBO, "mostly because of the
recent or scheduled expirations of tax provisions, such as those that
lower income tax rates and limit the reach of the alternative minimum
tax (AMT), and the imposition of new taxes, fees, and penalties that are
scheduled to go into effect.”
The U.S. economy, CBO projects, will perform "below its potential”
for another six years and unemployment will remain above 7 percent for
another three.
"The pace of the economic recovery has been slow since the recession
ended in June 2009, and the Congressional Budget Office (CBO) expects
that, under current laws governing taxes and spending, the economy will
continue to grow at a sluggish pace over the next two years,” said CBO.
"That pace of growth partly reflects the dampening effect on economic
activity from the higher tax rates and curbs on spending scheduled to
occur this year and especially next. Although CBO projects that growth
will pick up after 2013, the agency expects that the economy’s output
will remain below its potential until 2018 and that the unemployment
rate will remain above 7 percent until 2015.”
According to the CBO report, federal tax revenues equaled $2.302
trillion in fiscal 2011, and will increase to $2,523 trillion in fiscal
2012, $2,988 trillion in fiscal in 2013, and $3,313 trillion in 2014.
As a percentage of GDP, according to CBO, federal tax revenues were
15.4 percent in fiscal 2011, and will be 16.3 percent in 2012, 18.8
percent in 2013, and 20.0 percent in fiscal 2014.
In dollar terms, the anticipated increase in federal tax revenue from
fiscal 2011 ($2.302 trillion) to fiscal 2014 ($3.313 trillion) is
$1.011 trillion. That is an increase of 43.9 percent.
From just 2012 to 2014, the increase in federal tax revenues from
$2.523 trillion to $3.313 trillion equals $790 billion—or 31.3 percent.
The anticipated percentage increase in federal tax revenue is not
only large when calculated in dollar terms but also when calculated as a
share of GDP. The jump from 15.4 percent of GDP in fiscal 2011 to 20.0
percent of GDP in fiscal 2014 equals an increase of 29.8 percent. The
jump from 16.3 percent in fiscal 2012 to 20.0 percent in fiscal 2014
equals an increase over two years of 22.7 percent.
Federal tax revenues have averaged "about 18 percent of GDP for the
past 40 years,” according to CBO. So, in the next two years federal tax
revenues will rise from a level that is below the modern historical
average to a level that is above it.
Source: http://cnsnews.com/news/article/cbo-taxes-will-shoot-more-30-percent-over-next-2-years | 
It is not that supporters are unaware of Santorum’s or other candidate’s fiscal histories; it is that so many are actually indifferent to fiscal history while staking claim to the call for a fiscally responsible president.
As of late, the Right insists on challenging the norm of America’s political elite.
Fewer than half of Americans pay taxes, forcing more than half to now pay taxes while disposing of the income tax return economically imperials more than 50% of a nation which has a suffering economy; 70% of which is driven by consumer spending.
