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Jul 24 2012

Spending and Revenues 1950-2012

Spending and Revenues 1950-2012

Chart appeared in: Floor Speech on Middle Class Tax Cuts (July 24, 2012)

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Spending and Revenues 1950-2012 DRAFT_FS_Tax Relief_July_Page_4.jpg (206.2 KBs)

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7/26/12 -

Spending and Revenues 1950-2012
7/26/12 -

Eurozone Economy Slowing
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Recoveries Take Longer
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Economists Reinhart and Rogoff on Danger of Gross Debt Above 90 Percent of GDP Threshold
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U.S. Economic Growth Has Outpaced Global Competition
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Economic Crisis of 2008-2009
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Increase in After-Tax Income From Tax Expenditures
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Historical Average for Revenues is Not a Useful Benchmark
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Former Senate Budget Committee Chairman Gregg on Need for More Revenue
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Current record
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CBO Long-Term Debt Outlook
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Last Five Times Budget in Surplus, Revenues Near 20% of GDP
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Some Wealthy Paying No Federal Income Tax
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Middle-Class Tax Relief Act of 2012
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Last Time Top Rate Was 39.6%, We Experienced Longest Period of Uninterrupted Economic Growth in U.S. History