He doesn't even care anymore. Government draws in $3 trillion after numerous tax hikes

The U.S. government has collected a record amount of taxes for the 2014 fiscal year, topping $3 trillion in revenue for the first time in history, numbers from the Treasury Department revealed. The data also showed that this influx of cash has brought the current deficit to its lowest number yet under President Barack Obama.

LOS ANGELES, CA (Catholic Online) - The key to this massive influx is the recovering economy. Higher personal and corporate income means more money heading to Washington. Individual taxes rose 6% while corporate-income taxes-the best measure of business recovery-jumped 17%.

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As of September 30, the end of fiscal year 2014, the government spent $3.504 trillion but only took in $3.20 trillion, leaving it $483 billion in the red. This is the lowest debt per fiscal year since 2008, and down from a $1.4 trillion deficit in fiscal year 2010.

Jacob Lew, the Treasury Secretary, said that this year's fiscal success is due to Obama's policy of tax hikes.

"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," he said.

But not everyone is happy with this gross overreach.

"Every one of those $3 trillion is sucked out of the private-sector economy and makes the private sector smaller," said Chris Edwards, the director of tax-policy studies at the Cato Institute. "The $3 trillion isn't free. It comes out of our pockets and from the private economy."

Still, analysts say that being able to bring in $3 trillion is a sign of a flourishing economy for corporations and the very wealthy.

"When times are bad and the economy shrinks, revenue shrinks by even more," said Richard Kogan, a senior fellow at the Center on Budget and Policy Priorities. "Vice versa, when times are good and GDP is increasing, incomes are increasing, that has the effect of raising effective tax rates. So that the tax code itself works as an automatic stabilizer."

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