posted May 19, 2011, 8:44 AM by Ellie K
updated Jun 27, 2011, 9:05 AM
ONE The Heritage Organization did not update this in 2011, although they claimed they did. The chart below was posted and announced for Tax Year 2010, using May 2010 data, according to the heritage.org website. Why is it identical to the post and announcement made in May 2011? Actually, it seems like there should be more than a two-month time lag to obtain prior tax year information from the Congressional Budget Office. Yet heritage.org seems to experience a mere one month delay, from April 15, 2010 to May ?, 2010. For 2011, the time lag was even less, see WSJ article dated May 12, 2011. That seems very unlikely.
TWO Most federal revenues come from individual tax payers, NOT corporations.
"Personal income taxes provide the largest portion of total tax revenues,though some of this is small-business income."
PERCENTAGE OF TOTAL FEDERAL REVENUE (2010)
Source: Congressional Budget Office.
Via The Heritage Foundation:
In response to Wall Street Journal blog post: