Tax Revenue, Post-WWII, Averages 17.7 Percent Of GDP

In the years since World War II (1946-2011), federal tax receipts have averaged 17.7% of Gross Domestic Product (GDP). This is probably the best way to gauge the federal tax burden because it compares it to economic output. Since there are many arguments in and out of Washington D.C. about the effects of taxation on economic growth, it makes sense to directly compare the measure of taxation (total federal tax receipts) with the measure of economic output (GDP).

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Eliot Spitzer – Number of the Day: New Roads Equals Two For One Bargain

If I’ve repeated one thing more than any other, it’s the need for increased infrastructure spending. And the reason is simple — upgrading America’s roads, bridges, rail, electrical grid, etc. makes for good use of public money. In the case of roads, we get better roads, more jobs and the economic impact could be immeasurable. Take for instance the highway system, and all the businesses that sprang up along highway exits, as well as all the business centers that could not exist without highway access. And all in just one lifetime.

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Climate Change: Anti-Science, Anti-Fact, Anti-Intellectual – That’s How Republicans Roll

Who is the chairman of the House Committee on Science, Space and Technology? That would be Representative Ralph Hall of Texas. He is a climate change skeptic. As you can probably guess, he is also a Republican. Who is likely to replace Hall as the House science chair in the 113th congress? That would be Lamar Smith, also a climate change skeptic, also from Texas, oh, and also a Republican.

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Eliot Spitzer – Number of the Day: Senate Filibuster Reform

Since President Barack Obama took office in January 2009, Republicans have used the filibuster at an unprecedented rate. Take a look at this chart over at The Atlantic. There is no question filibuster reform is needed as both Democrats and Republicans have increasingly relied upon it when in the minority. But Republicans have taken reckless use of the filibuster to new heights since becoming the minority in the Senate in 2006.

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Fact of the Day: The Social Security Wage Cap For 2013 Is $113,700

What is the Social Security “wage cap”? It’s the maximum income level taxed at the 6.2% rate for Social Security benefits. All income above the cap ($113,700 in 2013) is free and clear of Social Security (payroll) taxes. Yes, you read that correctly. All income above the wage cap is exempt from Social Security tax. It’s safe to say this is quite a regressive tax.

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