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Federal tax revenue as a percentage of gross domestic product is at its lowest level in more than 60 years.
Big spending is one reason for record deficits. Here’s another: federal tax revenue as a percentage of gross domestic product is at its lowest level since 1950, more than 60 years ago. In 2010 federal tax revenue came to 15.1 percent of GDP. In 1950 it was 14.4 percent. The postwar average has been 17.9 percent.
Click to open today’s infographic for more detail. Hit “What Do Others Say?” for views on where tax rates should be – and add your own to today’s discussion thread.
: Journal of Economic Perspectives: “How progressive is the US federal tax system” More
: Wall Street Journal: “For most, tax rates hit lows in 2009” More
: Politifact: “Jim DeMint says federal government has more revenue coming in than we ever have” More
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