what was the %GDP of federal income tax in jan 1981 compared to jan 1989?
Fiscal Years 1980 to 2016
Total Direct Revenue Total Direct Revenue -fed
pct GDP
1980 18.55
1981 19.17
1982 18.99
1983 16.99
1984 16.95
1985 17.4
1986 17.25
1987 18.04
1988 17.83
1989 18.08
so the economy boomed while federal taxes shrank....just as I thought it did. the 1986 tax reform took away deductions for second mortgages, which is probably why you see an increase of ~1% following 1986
What happened to debt during the 80s?
that was more of a result of a double dip recession
So the recession caused the debt but a "boom" wasn't able to bring us back to even? The 90's boom did.....I wonder why. Something Clinton did in 1994 that was also quite unpopular perhaps?
well... I know Clinton's humidor selection was unique.. humm
could it of been raising taxes on those old people?
Nope on the taxes,
stop the spending,
Big rule change on employer liabilities/responsibilities. 45% of the population supporting the balance... criminal.