Federal Revenues-AKA Taxes: 1965 – Present

 

Looks like, per usual Obama and the Democrats have been LYING about our Tax Revenue and how much money we did NOT LOSE under Bush. And look, Obama extends the Bush era tax cuts and the Tax Revenue is STILL higher than under Clinton when he INCREASED taxes!

Federal Revenues Have More Than Tripled Since 1965

Overall tax revenues have risen despite a recent decline due to the recession. Congress cut income taxes and the death tax in 2001 and capital gains taxes and dividends in 2003, yet revenues continued to surge even after the tax cuts were passed.

 

Source: White House Office of Management and Budget.

 

Increasing Tax Rates Does Not Necessarily Lead to Higher Income Tax Receipts

Tax cuts can create incentives for individuals to generate more income, which can generate more revenue. The most dramatic decline in the top individual income tax rate, from 70 percent to 28 percent, occurred during the Reagan Administration, during which tax receipts remained relatively constant as a share of the economy.

Source: White House Office of Management and Budget and the Tax Foundation.

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