Infographic: What were the sources of federal tax revenues in 2011?
In 2011 the federal government received $2.3 trillion in tax revenues, which made up 15.4% of the nation’s GDP. A decade ago, tax revenues made up nearly 18% of the U.S. GDP. However, the 2011 tax revenues fell short of federal spending by $1.3 trillion.
Nearly half of the revenues were generated by individual income taxes. Corporate income taxes made up less than 8% of the nation’s total revenue, and estate taxes made up less than 0.3% of taxes collected. (The Republicans have repeatedly called for further reductions to corporate and estate taxes under the guise of “tax reforms.”)
Social insurance (payroll) and corporate income tax receipts have decreased while individual income tax revenues have increased. The 2% payroll tax cut has been extended through Dec. 31, 2012.
- CBO.gov: Budget Infographic – Revenues
- WhatTheFolly.com: White House pushes for corporate tax reform
- WhatTheFolly.com: Analysis: Obama budget proposes tax reforms and spending cuts to reduce long-term deficit
Category: Government, Politics, Tax Policies, U.S. · Tags: CBO, Congressional Budget Office, corporate tax, estate tax, federal deficit, federal government, federal income tax, federal spending, GDP, income tax, payroll tax, Republican, Republican Party, Republicans, Social Security, tax, tax revenue, taxes, taxpayers