- Total individual income tax receipts fell 30 percent in real terms.
- Individual income taxes came to just $2,900 per capita in 2010, down 36 percent from more than $4,500 in 2000. Total income taxes and income taxes per capita declined even though the economy grew 16 percent overall and 6 percent per capita from 2000 through 2010.
- Corporate income tax receipts fell 27 percent and declined 34 percent per capita, even though profits boomed, rising 60 percent.
- As a share of GDP, income tax revenues are at their lowest level since 1951.
- The two-year growth rate [2010-2011] is almost one-third below the 3.6 percent average annual real growth rate for the half-century from 1950 to 2000, but it is better than the measly 1.6 percent growth rate from 2001 to 2009.
"Those who make peaceful revolution impossible will make violent revolution inevitable." ~ John F. Kennedy
Monday, March 7, 2011
We Have A REVENUE Problem
David Cay Johnston's latest completely discredits the Republican echo-chamber's mantra, "We have a spending problem."
Labels:
David Cay Johnston,
economic growth,
economy,
government spending,
taxes
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