all the collected G.S.T.revenue

Two or three previous blogs have talked about G.S.T. tax revenue that has been collected but not applied towards the federal government budget deficit as it was intended.But how much does this revenue amount to?The G.S.T tax was put on, in the summer of 1991.So it was for 7% for half a year on half the goods and services.The economy was about$720 billion.So it is estimated that for the first year they collected about $11 billion.The next full year about $22 billion was collected.In 1994 (when Jean Chretien was elected)the tax was extended to all goods and services and close to $50 billion was collected.No money was applied to the deficit until Paul Martin did in his second year.I believe the year was2002.The economy was about $1.25 trillion at this time.So Paul Martin collected about $85 billion.The deficit had climbed every single year until then.Now the deficit was a whopping $42 billion.All parties jokingly refer to Paul Martin as the man who slayed the deficit.He took $85 billion and paid off $42 billion.Finally the G.S.T was used the way it was intendedAfter this year it is hard to calculate how much was used to pay the deficit.However G.S.T revenues continued to climb until 2009 when the tax was reduced to 5%.In 2009 the economy was about $1.5 trillion in size.That year the G.S.T.revenues were about$105 billion.The next year with a reduced tax rate they only collected about $80 billion -a real setback.

If you add all the revenuescollected but not applied to the budgetary deficit up to2002 the revanues amount to close to$738 billion.What did the government do with all this money?We can only speculate and speculate we will in another blog.