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President Obama Proposes Soaring Taxes and Spending

Created on March 10, 2011

President Obama Proposes Soaring Taxes and Spending

President Obama Proposes Soaring Taxes and Spending

Projected

Percentage of GDP

President Obama proposes that federal revenues rise above the historical average of 18 percent of GDP by 2014, then continue to climb. Similarly under the President’s proposal, federal spending—already at record levels— would decline briefly before increasing again.

Chart 1 • B 2529

heritage.org

20.0%

2021:

23.1%

20.0%

2021:

23.1%

2020

2010

2000

1990

1980

1970

1960

Revenue:

18.0%

Spending:

20.4%

Averages, 1960–2010:

Sources: U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 2012: Historical Tables (Washington, D.C.: U.S. Government Printing Office, 2011), pp. 24–25, and U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 2012 (Washington, D.C.: U.S. Government Printing Office, 2011), p. 171.