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."
  • 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.

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