That's right. The U.S. federal receipts as a percentage of GDP was on an upward trend starting in 1950 at 13.15% and peaked in 1981 at 18.68% (thanks to Carter). Reagan's tax cuts quickly cut the 18.68% down to 16.52 3 years later and he left office at 17.56%. Reagans tax cuts continued to cut into Federal revenue during Bush 1 and the percentage went down to 16.83. Then under Clinton the % climbed to 19.75% in his last year in office at the second highest % just below the record of 19.80 in 1945 under Truman. Bush 2 then installed his tax cuts and the % dove in his first 4 years to 15.38 and ended his presidency at 17.08 at the beginning of the Great Recession when it plunged to 14.53 the first year into the recession. Obama left office at 17.37. The orange jesus took the reins and the percentage dove to 16.02. It came back up under Biden to 16.85.
The 3 bright spots for federal revenue have been Carter 18.09, Clinton 19.75, and Biden 18.83. No others have come close. Since the downward trend started with Reagan, 30 of the 43 years until 2024 have been UNDER 17.5%. 19 of those 30 under 17.5% have been under republican presidents. The tax cuts have cost the federal revenue $20 TRILLION. Yes, WE HAVE A REVENUE PROBLEM. Republicans are planning on adding another $4 TRILLION TO THEIR MESSES.
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