Federal Budget Projections
Congressional Budget Office (CBO) projections how that, under current fiscal policies, total federal revenue as a share of GDP will decline from 18.9% in 1995 to about 8.5% in 2001, and will remain at that level through 2006. Over this period, the only revenue category expected to pick up as a share of national output is the individual income tax (8.2% to 8.7%).
Suggested citation: “Federal Budget Projections,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-07, pp. 14-15, 07.01.1996.