The conventional political wisdom is that Republicans have lost the argument on taxes. Obama won. Democrats held on in Congress. That means, according to some, that they have a mandate to raise taxes. Because, according to them, a big part of the nation’s deficit problem is lower tax revenues resulting from Bush-era tax cuts.
Unfortunately, this argument doesn’t match up with reality. This chart shows total direct federal revenues, by year, from 1992 through 2012 in nominal dollars:
But even since then, federal revenues have been growing, increasing roughly 19% over 2009 levels and nearly reaching our 2008 peak.
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