Federal Government Revenue Is NOT At Record Highs (Ammunition)

Despite what Republicans tell you:

The GOP talking point on spending vs. revenue fundamentally un-serious, as both are flip sides of the same balance sheet. But even so, DeMint is just wrong.

DeMint appears to be using nominal dollars to measure revenues, instead of revenue as a percentage of GDP, which is used by all official arbiters on revenue matters, including the Congressional Budget Office. And as a percentage of GDP, government revenue is nowhere near a “record” high. In 2010, it was at its lowest level in more than 60 years, according to data from the Office of Management and Budget (OMB), at just at 14.9 percent.

Next year, revenues will still be at just 16.6 percent of GDP, several points below the average rates under every president since Franklin Roosevelt, including Reagan. The record high was 20.6 percent in 2000, which coincided with a balanced budget.

This makes sense — on top of lost revenue from the massive Bush tax cuts, the recession devastated economic output and thus the American tax base.

via Think Progress

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