Taxes

Over the past 40 years, revenues have averaged a bit above 17 percent of GDP; they have ranged from nearly 20 percent of GDP in fiscal year 2000 to below 15 percent in fiscal years 2009 and 2010. In addition to projecting the future course of federal revenues, CBO analyzes the budgetary and economic effects of various features of the federal tax system and the effects of potential changes to current tax rules.

  • Report August 27, 2014

    The deficit this year will be $506 billion, CBO estimates, about $170 billion lower than the deficit in 2013. After a weak first half of this year, CBO expects economic growth to pick up and the unemployment rate to continue to fall.

  • Graphic April 18, 2014

    This infographic is part of a set of four about the federal budget. See how much the government spent and took in during 2013 as well as other information about the budget, deficits, and debt.

  • Report April 17, 2014

    Enacting the President’s proposals would, CBO and JCT estimate, result in deficits totaling $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO’s current-law baseline.

  • Report February 4, 2014

    Under current law, deficits will drop through 2015 but rise thereafter, boosting the already high federal debt, CBO projects. Economic growth will be solid in the near term, but unemployment will not drop below 6.0 percent until 2017.

  • Report December 20, 2013

    Federal debt is projected to rise significantly over the long term. What policy changes could reduce future deficits and thus lower the trajectory of federal debt? What criteria might be used to evaluate those policy changes?

  • Report December 4, 2013

    Households in the top quintile (including the top percentile) paid 68.8 percent of all federal taxes, households in the middle quintile paid 9.1 percent, and those in the bottom quintile paid 0.4 percent.

  • Report November 7, 2013

    CBO analyzes the distribution of most federal spending—including transfers such as Social Security benefits—and almost all federal revenues among U.S. households in 2006. Results are provided by type of household and by income group.

  • Report May 29, 2013

    In 2013, the benefits of 10 of the largest tax expenditures will equal 11.7 percent of income for households in the lowest income quintile, 9.4 percent for the highest quintile, and under 8 percent for the middle quintiles, CBO estimates.

  • Report November 15, 2012

    Effective marginal tax rates among low- and moderate-income workers are about 30 percent, on average, with about one-third of that rate stemming from the federal income tax, more than a third from federal payroll taxes, and the remainder from state income taxes and the phaseout of SNAP benefits.