Numbers don't lie right? New numbers out today show this country doesn't have a revenue problem - it has a spending problem.
According to the Wall Street Journal from October through April - or fiscal year 2011 - the Federal Government took in 9% more revenue from taxes. That comes out to an increase in funds of $110 billion.
Income taxes were a big part of that increase - up nearly 26% during that time. Tax receipts went from about $500 billion in 2010, to more than $630 billion. Businesses are forking over the cash too, with those tax revenues jumping more than 4% as corporate profits skyrocket.
States are sharing in the wealth as well. California brought in an extra$2 billion from taxes—and that's nothing compared to Massachusetts bringing in $2.5 billion in April alone. That's almost double what they got in April of last year.
Pennsylvania's tax receipts are nearly 2.5% higher than they expected - topping $500 million and Connecticut is expected to see an extra $465 million.
And this is not a new phenomenon. According to the Census Bureau, total tax receipts hit nearly $1.5 trillion in 2010. That is back near the peak tax revenues of 2007.
The Wall Street Journal says one of the reasons is the reviving economy. Income tax revenue alone jumped nearly 11% in the last quarter of 2010, compared with the same time in 2009.
Sales tax revenue is up nearly 2% for that period. So with billions and billions more flowing into government coffers - problem solved right? Wrong.
While the added revenue certainly helps, it doesn't solve the inherent problem—spending. Federal spending is up $181 billion this year—that's a nearly 6.5% jump.
The CBO says the federal deficit at a record $871 billion through last month, up $71 billion from where we were last year.
We obviously don't need to raise taxes to fix the deficit problem in this country - because the taxes we have right now are bringing in plenty of money. We're just not using that money properly.
Save the revenue, stop the spending, and no matter what - don't raise taxes.
Gerri Willis joined Fox Business Network (FBN) in March of 2010. Willis is an anchor and personal finance reporter for the network.