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Chart 3. Tax Revenues Do Not Correlate Well with Tax Rates. 100%. 90%. 80%. Top Income Tax Bracket. 70%. 60%. 50%. 40%. 30%. Total Tax Revenue as Percent of GDP. 20%. Income Tax Revenue as Percent of GDP. 10%. 1950. 1955. 1960. 1965. 1970. 1975. 1980. 1985. 1990. 1995.
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Chart 3 Tax Revenues Do Not Correlate Well with Tax Rates 100% 90% 80% Top Income Tax Bracket 70% 60% 50% 40% 30% Total Tax Revenue as Percent of GDP 20% Income Tax Revenue as Percent of GDP 10% 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Fiscal Year Source: Heritage Foundation
Chart 4 Tax Revenues are Highly Correlated With GDP Real 2006 GDP ($Billions) Real 2006 Tax Revenues ($Billions) $14,000 Real Tax Revenue $2,500 $2,000 $10,500 Real GDP $1,500 $7,000 $1,000 $3,500 $500 1950 1960 1970 1980 1990 2000 Source: Heritage Foundation
Chart 6 We Are In A Spending-Driven Debt CrisisHistoric/Projected Spending & Revenue As A Percentage Of The Economy Source: Office of Management and Budget Historic Tables, Congressional Budget Office; projections based on the CBO’s Alternative Fiscal Scenario.
Chart 9 What Drives Our Debt? (Government Spending as Share of Economy)
