Historical U.S. Tax Rates − Mike's Toolbox

History of U.S. Taxation 1901 to Present

The following table examines the history of taxation in the U.S. from 1901 to present (2023). For each year, we have federal government revenue, federal government spending, the surplus or deficit for the year, and the total economic activity / gross domestic product which resulted. The final two columns show the tax rates for the lowest income tax bracket and the highest income tax bracket in effect in the U.S. that year (the income tax was introduced in 1913).

[ Green highlights correspond to Budget surpluses ]
[ Blue highlights correspond to the two World Wars ]

 Year  Revenue
(Billions)
Spending
(Billions)
Surplus
(Billions)
TEA/GDP
(Billions)
Income
Tax Low
Income
Tax High
1901 0.588 0.525 0.063 22.4
1902 0.562 0.485 0.077 24.2
1903 0.562 0.517 0.045 26.1
1904 0.541 0.584 −0.043 25.8
1905 0.544 0.567 −0.023 28.9
1906 0.595 0.570 0.025 30.9
1907 0.666 0.579 0.087 34.0
1908 0.602 0.659 −0.057 30.3
1909 0.604 0.694 −0.089 32.2
1910 0.676 0.694 −0.018 33.4
1911 0.702 0.691 0.011 34.3
1912 0.693 0.690 0.003 37.4
1913 0.714 0.715 −0.001 39.1 1 7
1914 0.725 0.726 −0.001 36.5 1 7
1915 0.683 0.746 −0.063 38.7 1 7
1916 0.761 0.713 0.048 49.6 2 15
1917 1.101 1.954 −0.853 59.7 2 67
1918 3.645 12.677 −9.032 75.8 6 77
1919 5.130 18.493 −13.363 78.3 4 73
1920 6.649 6.358 0.291 88.4 4 73
1921 5.571 5.062 0.509 73.6 4 73
1922 4.026 3.289 0.736 73.4 4 58
1923 3.853 3.140 0.713 85.4 3 43.5
1924 3.871 2.908 0.963 87.0 1.5 46
1925 3.641 2.924 0.717 90.6 1.125 25
1926 3.795 2.930 0.865 97.0 1.125 25
1927 4.013 2.857 1.155 95.5 1.125 25
1928 3.900 2.961 0.939 97.4 1.125 25
1929 3.862 3.127 0.734 103.6 0.375 24
1930 4.058 3.320 0.738 91.2 1.125 25
1931 3.116 3.577 −0.462 76.5 1.125 25
1932 1.924 4.659 −2.735 58.7 4 63
1933 1.997 4.598 −2.602 56.4 4 63
1934 2.955 6.541 −3.586 66.0 4 63
1935 3.609 6.412 −2.803 73.3 4 63
1936 3.923 8.228 −4.304 83.8 4 79
1937 5.387 7.580 −2.193 91.9 4 79
1938 6.751 6.840 −0.089 86.1 4 79
1939 6.295 9.141 −2.846 92.2 4 79
1940 6.548 9.468 −2.920 98.2 4.4 81.1
1941 8.712 13.653 −4.941 116.2 10 81
1942 14.634 35.137 −20.503 147.7 19 88
1943 24.001 78.555 −54.554 184.6 19 88
1944 43.747 91.304 −47.557 213.8 23 94
1945 45.159 92.712 −47.553 226.4 23 94
1946 39.296 55.232 −15.936 228.0 19 86.45
1947 38.514 34.496 4.018 238.9 19 86.45
1948 41.560 29.764 11.796 261.9 16.6 82.13
1949 39.415 38.835 0.580 276.5 16.6 82.13
1950 39.443 42.562 −3.119 278.7 17.4 84.36
1951 51.616 45.514 6.102 327.1 20.4 91
1952 66.167 67.686 −1.519 357.1 22.2 92
1953 69.608 76.101 −6.493 382.1 22.2 92
1954 69.701 70.855 −1.154 387.2 20 91
1955 65.451 68.444 −2.993 406.3 20 91
1956 74.587 70.640 3.947 438.3 20 91
1957 79.990 76.578 3.412 463.4 20 91
1958 79.636 82.405 −2.769 473.5 20 91
1959 79.249 92.098 −12.849 504.6 20 91
1960 92.492 92.191 0.301 534.3 20 91
1961 94.388 97.723 −3.335 546.6 20 91
1962 99.676 106.821 −7.146 585.7 20 91
1963 106.560 111.316 −4.756 618.2 20 91
1964 112.613 118.528 −5.915 661.7 16 77
1965 116.817 118.228 −1.411 709.3 14 70
1966 130.835 134.532 −3.698 780.5 14 70
1967 148.822 157.464 −8.643 836.5 14 70
1968 152.973 178.134 −25.161 897.6 14 75.25
1969 186.882 183.640 3.242 980.3 14 77
1970 192.807 195.649 −2.842 1046.7 14 71.75
1971 187.139 210.172 −23.033 1116.6 14 70
1972 207.309 230.681 −23.373 1216.3 14 70
1973 230.799 245.707 −14.908 1352.7 14 70
1974 263.224 269.359 −6.135 1482.9 14 70
1975 279.090 332.332 −53.242 1606.9 14 70
1976 298.060 371.792 −73.732 1786.1 14 70
1977 355.559 409.218 −53.659 2024.3 14 70
1978 399.561 458.746 −59.185 2273.5 14 70
1979 463.302 504.028 −40.726 2565.6 14 70
1980 517.112 590.941 −73.830 2791.9 14 70
1981 599.272 678.241 −78.968 3133.2 13.825 69.125
1982 617.766 745.743 −127.977 3313.4 12 50
1983 600.562 808.364 −207.802 3536.0 11 50
1984 666.438 851.805 −185.367 3949.2 11 50
1985 734.037 946.344 −212.308 4265.1 11 50
1986 769.155 990.382 −221.227 4526.3 11 50
1987 854.287 1004.017 −149.730 4767.7 11 38.5
1988 909.238 1064.416 −155.178 5138.6 15 28
1989 991.104 1143.743 −152.639 5554.7 15 28
1990 1031.958 1252.993 −221.036 5898.8 15 28
1991 1054.988 1324.226 −269.238 6093.2 15 31
1992 1091.208 1381.529 −290.321 6416.3 15 31
1993 1154.334 1409.386 −255.051 6775.3 15 39.6
1994 1258.566 1461.752 −203.186 7176.9 15 39.6
1995 1351.790 1515.742 −163.952 7560.4 15 39.6
1996 1453.053 1560.484 −107.431 7951.3 15 39.6
1997 1579.232 1601.116 −21.884 8451.0 15 39.6
1998 1721.728 1652.458 69.270 8930.8 15 39.6
1999 1827.452 1701.842 125.610 9497.6 15 39.6
2000 2025.191 1788.950 236.241 10117.1 15 39.6
2001 1991.082 1862.846 128.236 10525.7 10 39.1
2002 1853.136 2010.894 −157.758 10828.9 10 38.6
2003 1782.314 2159.899 −377.585 11278.8 10 35
2004 1880.114 2292.841 −412.727 12028.4 10 35
2005 2153.611 2471.957 −318.346 12840.0 10 35
2006 2406.869 2655.050 −248.181 13636.8 10 35
2007 2567.985 2728.686 −160.701 14305.4 10 35
2008 2523.991 2982.544 −458.553 14796.6 10 35
2009 2104.989 3517.677 −1412.688 14467.3 10 35
2010 2162.706 3457.079 −1294.373 14884.4 10 35
2011 2303.466 3603.065 −1299.599 15466.5 10 35
2012 2449.990 3526.563 −1076.573 16109.4 10 35
2013 2775.106 3454.881 −679.775 16665.1 10 39.6
2014 3021.491 3506.284 −484.793 17370.8 10 39.6
2015 3249.890 3691.850 −441.960 18086.1 10 39.6
2016 3267.965 3852.615 −584.650 18536.1 10 39.6
2017 3316.184 3981.634 −665.450 19245.7 10 39.6
2018 3329.907 4109.047 −779.140 20302.0 10 37
2019 3463.364 4446.960 −983.596 21159.2 10 37
2020 3421.164 6553.621 −3132.457 21060.9 10 37
2021 4047.111 6822.470 −2775.359 22654.0 10 37
2022 4897.399 6273.324 −1375.925 25000.4
2023 4802.483 6371.827 −1569.344 26335.7
1Receipts, Outlays, and Surpluses or Deficits 1789−2028 at govinfo.gov
2Source for revenue, spending, and surpluses/deficits at whitehouse.gov
3U.S. GDP data 1790−2006 from Wikipedia
4Alternate U.S. GDP data 1790 to present from measuringworth.com
5The American Presidency Project at UC Santa Barbara

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