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What Made Receipts Boom and When Will They Go Bust?

Author

Listed:
  • Kasten, Richard A.
  • Weiner, David
  • Woodward, G. Thomas

Abstract

Federal revenues surged in the past three fiscal years, with receipts growing much faster than the economy and nearly all of the growth in the revenue due to individual income tax receipts. The 1994-7 increase in personal income tax liabilities relative to gross domestic product (GDP) resulted from taxable incomes growing faster than GDP and a significant increase in the effective tax rate on taxable income, each accounting for about half of the increase in liabilities relative to GDP. Over the next ten years, offsetting effects from these phenomena should prevent liabilities from growing further as a percent of GDP.

Suggested Citation

  • Kasten, Richard A. & Weiner, David & Woodward, G. Thomas, 1999. "What Made Receipts Boom and When Will They Go Bust?," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(3), pages 339-348, September.
    • Handle: RePEc:ntj:journl:v:52:y:1999:i:3:p:339-48
    DOI: 10.1086/NTJ41789726
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    Cited by:

    1. Kitchen, John, 2003. "Observed Relationships Between Economic and Technical Receipts Revisions in Federal Budget Projections," National Tax Journal, National Tax Association;National Tax Journal, vol. 56(2), pages 337-353, June.
    2. Kevin L. Kliesen & Daniel L. Thornton, 2001. "The expected federal budget surplus: how much confidence should the public and policymakers place in the projections?," Review, Federal Reserve Bank of St. Louis, vol. 83(Mar), pages 11-24.
    3. James M. Poterba, 2000. "Stock Market Wealth and Consumption," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 99-118, Spring.

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