In what year did the federal government of the United States collect the most tax revenue in its history? Would you guess it occurred before, or after, the Bush tax cuts (final round effective in 2003)? The answer is 2007. The most revenue over collected in our history was $2,568 billion, and that happened in Fiscal Year 2007 - four years after Bush's final round of tax cuts. Some of you might be thinking that that does not take inflation into account. OK, in what year did the federal government collect the most tax revenue in history, as measured in constant (inflation-adjusted) 2005 dollars? The answer, again, is FY2007. Now some of you might be thinking that adjusting for inflation is still not enough, since the whole economy grows just about every year. How much revenue was collected in FY2007 as a percentage of Gross Domestic Product? The answer is 18.5%. True, that is not the most in history. It is only more than the 1960-2000 average and the 1970-2000....
(Read Full Article)
Print
COMMENTS ON AMERICANTHINKER