Just So You Know!

I heard this and had to look at it myself. Just so you know, we could have eliminated all personal income taxes and all corporate taxes for at least a year and it still wouldn't have added up to all of the bailout money that was spent for TARP, the Stimulus Bill, GM and Chrysler bailout, Cash for Clunkers, the Mortgage Modification Program, etc..

Here are the receipts of the U.S. government for 2008


Table 2.1—RECEIPTS BY SOURCE: 2008

Receipts From Individual Income Taxes: 1.145 Trillion
Receipts From Corporation Income Taxes: 304.346 Billion

Source: Office Of Management And Budget (Table 2.1 "RECEIPTS BY SOURCE: 1934-2015")

Imagine how the economy would have improved if we didn't have to pay federal taxes for a year!