[G Larry]

Hey Chuck!

In which year were the Federal Income Tax receipts the highest ever?

2007, under the Bush Tax Cuts.

[remember]

G Larry wrote:

In which year were the Federal Income Tax receipts the highest ever?

2007, under the Bush Tax Cuts.

Of course, you need to correct for inflation and population growth or, better yet, look at revenues as a percentage of GDP. The following graph shows individual income tax revenue as a percentage of GDP (the red line).

As you can see, revenues dropped steeply after the Bush tax cuts and only recovered about half of that loss by 2007. You can find the numbers and sources at this link and an analysis of the effect of tax cuts on revenue at this link.

[csmusaret]

And the deficit was “only” $132 Billion. Pitifully small by the standards begun the following year under the Pelosi/Reid cartel.