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CBO: Trends in Federal Tax Revenues and Rates

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Testimony, Congressional Budget Office, Statement of Douglas W. Elmendorf
Director – Trends in Federal Tax Revenues and Rates – before the Committee on Finance United States Senate, December 2, 2010

  • “Over the past 40 years, federal revenues have ranged from nearly 21 percent of gross domestic product (GDP) in fiscal year 2000 to less than 15 percent in fiscal years 2009 and 2010, averaging 18 percent of GDP over that span. Most of the revenues–about 82 percent in 2010–come from the individual income tax and the payroll taxes used to finance Social Security, Medicare, and the federal unemployment insurance program. Other sources of revenues include corporate income taxes, excise taxes, estate and gift taxes–all together about 13 percent of revenues in 2010–and nontax revenues such as earnings of the Federal Reserve System, customs duties, fines, and various fees. Variation in individual income tax receipts, stemming from both policy changes and economic developments, has generated the largest fluctuations in revenues as a percentage of GDP.”
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