That's what happens when you take over an economy that is losing 700K jobs per month for 8 momths straight.
And we generally have "record revenues" historically about 80% of the time. Not some crazy unsustainable amount.
Now he certainly isn't some deficit hawk like some on the left try to make him sound like but anybody who is honest with themselves should admit that an R would have faced the exact some multiple years of $1 trillion plus deficits. Well, either that or a depression.
The Pubs would have enacted some stimulus. It would have been more heavily tax breaks but would have included some unemployment and food stamps. Letting Americans starve isn't good politics.
Another reason for record revenues is the unemployment rate went from 10% to about 6.2%. It's amazing what having millions more paying taxes versus taking benefits will do to the economy.
Further there have been record profits for businesses over the past six years. This also means more revenues.
As to the Stimulus bill, why do RWers never talk about the fact that 1/3 of the bill was TAX CUTS.
Here's a passage about the truth of taxes under Obama:
"The ad — titled “Obama’s Promise” — lists several pledges that it claims the president has broken. The worst distortion it contains — one we haven’t addressed in this campaign — is an almost entirely groundless assertion that he broke his often-repeated promise not to raise taxes on persons making less than $200,000 a year, or couples making less than $250,000.
The ad shows Obama saying in a 2008 campaign speech, “If you are a family making less than $250,000 a year, you will not see your taxes go up.” Then, to the sound of shattering glass, the narrator says, “Broken! Obamacare raises 18 different taxes.”
But that’s dishonest nonsense. Only a few of the tax changes in the new health care law will fall on families making under $250,000 a year, or individuals making less than $200,000 for that matter. And they make up only a small part of the $503 billion figure that appears on screen. That 10-year total falls overwhelmingly on individuals who are above those income thresholds — just as Obama promised — or on corporations. Money to be collected from individuals regardless of income would come mostly from taxes (or penalties) that are not yet in effect.
The truth here is that Obama has lowered taxes for all workers through a 2 percentage point reduction in the Social Security payroll tax that started in 2011 and is scheduled to continue through the end of 2012. The cut is equal to $1,000 this year for a worker making $50,000 a year — or as much as $2,202 to any worker earning at least the maximum taxable level of wages or salary ($110,100 for 2012).
Obama had previously signed a tax cut that benefited nearly all working families and was in effect from 2009 through 2010. The “Making Work Pay” tax credit was part of the stimulus bill he signed shortly after taking office.
That credit was worth a maximum of $400 per person, or $800 for couples during those years. It phased out at higher income levels, and so its benefit went entirely to individuals making less than $95,000 a year, or couples making less than $190,000. The White House figures it went to “95 percent of working families.” And even allowing for those who are retired or unemployed, it benefited more than 75 percent of all individuals and families, working or not, according to the nonpartisan Tax Policy Center.
The Crossroads GPS ad simply ignores these very real tax cuts — and points to the health care law instead. To back up the claim that 18 taxes are being raised, the ad cites on screen an analysis by the conservative Heritage Foundation.
But of the $503 billion in taxes listed by the Heritage document, $210 billion falls specifically on individuals making more than $200,000 a year, or couples making over $250,000. And we count another $190 billion that falls only on businesses, including corporations in general, or in particular on health insurance companies, pharmaceutical manufacturers and importers, makers of medical devices and even producers of biofuels.
To be sure, some unknown portion of the taxes that fall directly on individuals would be paid by persons who are below Obama’s promised threshold. For example, a 10 percent tax on indoor tanning services went into effect in 2010.
But several taxes would affect only persons with income high enough to claim itemized deductions on their federal income tax returns. For example, $15 billion is to come from limiting deductions for medical expenses to the amount exceeding 10 percent of adjusted gross income (up from 7.5 percent currently). That doesn’t go into effect until 2013, and is the largest tax increase that applies only to individuals. And high-income persons are far more likely to itemize than low-income or middle-income persons, so much if not most of the $15 billion will be paid by those not covered by Obama’s promise.
Another $13 billion would come from limiting the amount of money that can be put into tax-advantaged flexible spending accounts to $2,500 a year. That won’t take effect until 2013, and of course would affect only those with enough income to set aside thousands of dollars in such accounts.
Although not mentioned by the ad, Obama also signed legislation in February 2009 that raised tobacco taxes, which are regressive taxes that fall more heavily on low-income smokers. The bill raised the federal tax on a pack of cigarettes by 61 cents to $1 per pack to pay for an expansion of the Children’s Health Insurance Program."