Table 2. Corporate Income Tax Receipts and Corporate Income Before Taxes (NIPA)
Fiscal Years 1988 - 1999

[Total in Billions of Dollars}

Item 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

|. Corporate Income Tax Receipts [1]

94.5 103.3 93.5 98.1 100.3 1175 1404 157.0 171.8 182.3 1887 184.7
N/A 9.3 9.5 49 2.2 17.2 19.5 11.8 9.4 6.1 3.5 2.1

292.5 305.1 300.9 3148 351.1 397.9 464.4 544.2 591.9 646.7 666.4 690.1
NIA 4.3 “1.4 46 11.5 13.3 16.7 17.2 8.8 9.2 3.0 3.6

Joint Committee on Taxation

[1] Source: Budget of the United States Government: Fiscal Year 2001.
[2] Source: October 28, 1999 Bureau of Economic Analysis release and December 1999 Survey of Current Business. Income measure does not include either
Federal Reserve Bank income or income from sources outside of the United States.


APPENDIX TO JCX-23-00

NIPA AND FEDERAL INCOME TAX
RECEIPTS DATA

Prepared by the Staff
of the

JOINT COMMITTEE ON TAXATION

March 7, 2000

JCX-24-00



NIPA AND FEDERAL INCOME TAX RECEIPTS DATA

This appendix presents data from the recently revised National Income and Product
Accounts (“NIPA”) along with Federal income tax receipts data covering the period 1988
through 1999. These data are presented on a Federal fiscal year basis in order to coincide with
the Federal accounting period.

Table 1 presents the revised Gross Domestic Product (“GDP”) series along with recent
Federal income tax receipts data. Federal income tax receipts are broken down into individual
income tax receipts and corporate income tax receipts. For comparison, the year-to-year
percentage growth rates are also shown.

Table 2 presents a NIPA measure of corporate net income, “corporate income before
taxes.” This NIPA series measures aggregate net corporate income for the U.S. with various
adjustments including adjustments to account for underreported and misreported income.
Corporate income before taxes employs tax measures of | depreciation and inventory accounting.
The income series presented in Table 2 is limited to domestic income. Again, year-to-year
percentage growth rates are presented below the aggregate figures. .

"'S corporation income is included in NIPA corporate income before taxes.



Table 1. Gross Domestic Product and Individual and Corporate Income Tax Receipts
Fiscal Years 1988 - 1999

[Totals in Billions of Dollars]

Item 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

|. Gross Domestic Product ("GDP") [1]

A. Total
B. Percentchange .

5016.7 5406.6 5738.4 5927.9 6221.7 6561.2 6948.8 7322.7 77002 8182.8 8636.3 9115.5
N/A 78 6.1 3.3 5.0 5.5 5.9 5.4 5.2 6.3 5.5 5.5

ll. Federal Income Tax Receipts [2]

A. Individual and corporate income tax receipts
1. Total 495.7 549.0 560.4 565.9 576.2 627.2 6834 747.2 828.2 919.8 1017.3 1064.2
N/A 10.8 21 1.0 18 8.8 9.0 9.3 10.8 11.0 10.6 46

9.9 10.2 9.8 9.5 9.3 9.6 9.8 10.2 10.8 11.2 11.8 11.7

B.
1. Total... 401.2 445.7 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5
2. Percent change. N/A 11.1 48 0.2 1.7 7A 6.5 8.7 11.2 12.3 12.4 6.1
3. Percent of total income taxes. 80.9 81.2 83.3 82.7 82.6 81.3 79.5 79.0 79.3 80.2 81.5 82.6
4. Percent of GDP........ 8.0 8.2 8.1 79 V7 78 7.8 8.1 8.5 9.0 9.6 9.6
Cc.
94.5 103.3 93.5 98.1 1003 117.5 140.4 157.0 1718 1823 188.7 184.7
N/A 9.3 9.5 49 22 17.2 19.5 11.8 9.4 6.1 3.5 -2.1
3. Percent of total income taxes. 19.1 18.8 16.7 17.3 17.4 18.7 20.5 21.0 20.7 19.8 18.5 17.4
4. Percent of GDP. 1.9 1.9 16 1.7 1.6 18 2.0 21 2.2 2.2 2.2 2.0
Joint Committee on Taxation

[1] Source: October 28, 1999 Bureau of Econome Analysis release and December 1999 Survey of Current Business.
[2] Source: Budget of the United States Government: Fiscal Year 2001.