Federal personal-income-tax revenues jumped by 11 percent in fiscal 2000, adjusted for inflation. That capped the strongest five-year real growth in personal income taxes that the United States has experienced since the 1960s. In fact, at 10 percent of the gross domestic product (GDP), personal-income-tax receipts are now at their highest level in American history.
Though other federal revenue sources (except real estate taxes) have grown at only average rates, personal income taxes are such a large portion of federal revenues that the inflation-adjusted increase in total federal receipts over the past five years also reflects the highest five-year growth rate since the 1960s.
During the 2000 presidential campaign, George W. Bush tried very hard to
persuade the public that he, like Al Gore, wanted to give senior citizens some
real help in paying for the escalating cost of prescription drugs. But the sad
truth is that Bush has little interest in a solution to this pressing problem.
How else to explain his insistence on spending every penny of what it would take
to provide a solid prescription drug plan for seniors--every penny!--on tax cuts
for the best-off 1 percent of Americans?
If you want to understand what corporate lobbyists in Washington, D.C., are
trying to foist on us with the pending "stimulus" bill, look back to the first
half of the 1980s.
In 1981, Ronald Reagan pushed a huge tax-cut bill through Congress. For
corporations, it offered an array of new loopholes, centered on super-accelerated
"depreciation" write-offs for equipment and buildings. The results were
staggering, as widespread corporate tax avoidance quickly became routine.