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20 Monthly Tax Features 1 (1976)

handle is hein.tera/taxfeaturs0020 and id is 1 raw text is: ,MONTHLY T X .FEATURES 't-Tax Fonndatinninc, 50 Rockefeller Plaza 0 New York, New York 10020 0 212-582-0880 0 Volume 20, Number 1, January 1976 Government Expenditures Are 36% of GNP Federal, state and. local govern- ment expenditures fcr the first three quarters of 1975 sto6dat an adjusted annual rate of $525.8 billion--36.1' 'percent of the U.S. gross national product, according to 'Tax Founda- tion,. GNP was .$1,453.7 billion on an adjusted annual rate. GNP. has climbed at a rate close to $100 billion a year since '1970, but in the same period the ratio of gov- ernment expense has increased from 32 percent to the present level of over 36 percent. In 1970, as'the accompanying table shows, total government expendi- tures at all levels were $312.7 bil- lion. In 1950 government spent $60.8 billion, 21.3 percent of that year's GNP. government Expenditures and Gross National Product Calendar Years 1950.1975 Government expenditures' Gross As a percentage of National Amountb (Billions) gross national product: Product State State. Year Totar -Federal andlocal and local Federal Total 1950 $ 284.8 $. 60.8 $ 40.8 $ 20.0 7.0 14.3 21.3 1951 328.4 79.0 57.8 21.2 : 6.4 17.6. 24.0 1952 345.5 93 7 71.0 22.6 6.5 20.5 27.1 1953 364.6, 101.2 77.0 24.2 6.6 21.1 27.8 1954 364.8 96.7 69.7 27.0 7.4 19.1 26.5 1955 398.0 97.6 68.1 29.5 7.4 17.1. 24.5 1956 419.2 104.1 71.9 32.2 7.7 17.2 24.8 1957 441.1 114.9 79.6 35.3 8.0 18.0 26.0 1958 447.3 127.2 88.9 38.3 8.6 19.9 28.4 1959 483.7- 131.0 91.0 40.0 8.3 18.8 27.1 1960 503.7 ' 136.1 93.0-' 43.1 '8.6 ' 184 27.0 1961 520.1 149.0 102.1 46.9 9.0 19.6 28.6 1962 560.3' 159.9 110.3 49.6' 8.8 197 28.5 1963. 590.5 167.0 .113.9 53.1 9.0 19.3 28.3 1984 631.7 175.6 118.1 57.5 9.1 18.7 27.8 1965 681.2 185.8 123.4 62.5 9.2 18.1 27.3 1966 749.9 212.3 142.8 69.5 9.3 19.0 28.3 1967 793.9 242.9 163.6 79.3 10.0 .20.6 30.6 1968, 864.2 270.2 181.5 88.7. 10.3 21.0 31.3 1969 930.3 287.9 189.2 98.7 10.6 20.3 30.9 1970 977.1 312.7 203.9. 108.8 11.1 20.9 32.0 1971 1,054.9 340.1 220.3 119.8 11.4 20.9 32.2 1972 1,158.0 372.1 244.7 127.4 110 '21.1 32.1 1973 1,294.9 408.1, 264.2 143.9 11.1 20.4 31.5 1974 1,397.41 461.3 299.1 162.1 . 11.6 21.4 33.0 1975- 1.453.7 525.8 352.1 173.7 11.9 24.2 36.1 a: Expenditures on income and product account. They are on anaccrual basis, Include trust-account transac- tions with the public, and exclude capital transactions that do not represent- current production. ' b. Federal data. include expenditures for grantsIn.aid to state and local governments. These amounts have been excluded from state and local expendituresto avoid duplication.. c. Seasonally adjusted annual rate, average of first three quarters. Source: Department of Commerce, Bureau of Economic Analysis. .1975 is the 'first year since World War II in which government costs were more than a third of the total output of the nation's goods and services. The liighest percentage on record occurred in '1944, when war- time demands pushed total govern- ment spending, largely Federal, to 49 percent of GNP. College Students Will Owe 40% of All Pay in Taxes Most college students will pay. taxes equal to more than 40 percent of what they earn throughout their lives. Those who are especially suc- cessful or live- in localities 'with above average government spending may pay more than half of their life- time incomes in direct and indirect taxes. All df us have a vital interest in making the tax system as 'least bad' .as possible. This' food for thought was served up by Tax Foundation's Economic Consultant C. Lowell Harriss at Hillsdale College, Michi- gan, to students in the Constructive Alternatives Program. And. taxes affect our lives in many kinds of ways other than ex- tracting dollars, he added. Professor Harriss pointed out that government spending per capita in 1975 was $9,409 for a family of four, :(Continued on baire 4) - This issue is printed on 100 percent recycled paper -

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