Federal Tax Revenue at Lowest Since 1950

Republican talking points may not agree, but federal taxes are at their lowest level since the Korean War by one common measure. Tax revenue in the current budget year equaled 14.8 percent of the national gross domestic product, the lowest level since 1950. George W. Bush left office with tax receipts at 17.5 percent of GDP. Many families and businesses have seen their taxes decrease as part of Democrats’ 2009 stimulus bill, but also because of the myriad loopholes and deductions. Taxes are set to rise in the coming years, partly due to President Obama’s health-care overhaul. The low revenue has also contributed significantly to the national debt, which stands near $1.5 trillion.