Do taxes collected by the government help pay off some of the deficits?

Question

Plz answer this question. If you know the answer plz give me a link to were you found it or possibly just a link or web page on were I could find it. Any thing would help thanks!!

Answer 1

no....but they are suppose to

Answer 2

Not sure who gave him the thumbs-down, but "financing_loans" is absolutely 100% correct in his response. It will take DECADES for the country to recover from the damage caused by the irresponsible actions of the past 8 years. Even if you factor out Iraq, the GWOT, and Katrina the losses still pile up to in excess of $7 TRILLION! That's not political diatribe, just cold hard fact.

Now for the political diatribe: Where did the money go? Ever wonder about all of the no-bid contracts that were let to Mr. Cheney's former employer? How many shares are in his blind trust? Notice that Exxon-Mobil took over the top spot from Wal-Mart at the top of the Fortune 500 list? And Mr. Bush fancies himself an oil-man (though a failed one at that)? Things that make you go, "Hmmmm...."

Answer 3

Taxes go towards many things:

Defense, schools, roads, government welfare programs. If there is money left over (usually not) it goes to pay off the deficit. By definition, deficit means that they came up short in the federal budget. Taxes-government spending = < 0

Answer 4

It doesnt anymore. We havent seen that for 8 years. It only pays the interest on the debt. We dont have a surplus anymore, we are running a huge debt and can barely pay the interest.

Kill the war, kill the tax deductions and maybe we could start to pay the debt.

http://www.treasurydirect.gov/NP/BPDLogin?application=np

To give you an idea. This current president has racked up more debt then any president in history.... Oh I meant every president in history combined.