How much total revenues have increased since the 1960s

Reference no: EM131136241

Table 19-9 shows how the U.S. government's income has changed over the last several decades.

a. Calculate how much total revenues have increased since the 1960s.

b. The individual income tax was the largest component of federal revenue in the 1960s and remains the largest today. The second-largest component has changed dramatically, however. What was it in the 1960s, and what has it been since?

c. What types of income does the table suggest are responsible for growth in total revenues as a percentage of GDP since the 1960s?

Reference no: EM131136241

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