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|Subject: Income Tax Revenue and Deficits||Date: 12/5/2012 2:52 PM|
|Author: MadCapitalist||Number: 658424 of 860847|
"We are just asking the rich to pay a little more."
- Barack Obama
Just a little bit more, huh?
Below I calculated the deficit as a percentage of individual income tax revenue. This is the percentage increase in total individual income tax revenue that we would have needed to balance the budget.
Fiscal Year Deficit Income Tax Percentage
Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2017
Table 2.1—Receipts by Source: 1934–2017
Monthly Budget Review - Fiscal Year 2012
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