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Author: MadCapitalist Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 744016  
Subject: Income Tax Revenue and Deficits Date: 12/5/2012 2:52 PM
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"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
2002 -158 858 18%
2003 -378 794 48%
2004 -413 809 51%
2005 -318 927 34%
2006 -248 1,044 24%
2007 -161 1,163 14%
2008 -459 1,146 40%
2009 -1,413 915 154%
2010 -1,293 899 144%
2011 -1,297 1,091 119%
2012 -1,089 1,132 96%

Data Sources:

Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2017
Table 2.1—Receipts by Source: 1934–2017

http://www.whitehouse.gov/omb/budget/Historicals

Monthly Budget Review - Fiscal Year 2012
http://cbo.gov/sites/default/files/cbofiles/attachments/4369...
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