Exemptions, deductions, tax credits, revenue collection estimates, tax rate schedules, and other tax-related statistics were updated through 2014 by the Congressional Research Service in a November 21 update of a federal tax system overview.

According to the Congressional Research Service, analysis of tax statistics from the federal tax system as a whole leads to three conclusions: (1) federal revenue as a percentage of GDP is in line with historical trends; (2) the U.S. fiscal position is in line with the fiscal position of other industrialized nations (revenues and expenditures as a percentage of GDP are relatively low); and (3) over the past decade, average tax rates have fallen for individuals at all income levels, but have fallen more for lower-income individuals, reducing their share of overall tax liabilities.

Posted by Theodore H. Waggner, Esq., Associate Editor, Wealth Strategies Journal