I thought this was interesting. I included important years (based on the raw data only, not on historical events). I'll input what happened in each relevant year for reference at some point. All numerical data from the OMB
All numbers in millions
1901
Revenue - $588
Oultays - $525
Surplus/(Deficit) - $63
President - William McKinley (R), Theodore Roosevelt (R)
First permanent income tax occurs in 1913. First corporate income tax occurs in 1909.
1916
Revenue - $761
Outlays - $713
Surplus/(Deficit) - $48
Individual income tax rate - 1% to 7%
Corporate income tax rate - 2%
President - Woodrow Wilson (D)
1917
Revenue - $1,101
Outlays - $1,954
Surplus/(Deficit) - ($853)
Individual income tax rate - 2% to 67%
Corporate income tax rate - 6%
Historical events - World War I financing
President - Woodrow Wilson (D)
1918
Revenue - $3,645
Outlays - $12,677
Surplus/(Deficit) - ($9,032)
Individual income tax rate - 2% to 67%
Corporate income tax rate - 12%
President - Woodrow Wilson (D)
1919
Revenue - $5,130
Outlays - $18,493
Surplus/(Deficit) - ($13,363)
Individual income tax rate - 2% to 67%
Corporate income tax rate - 10%
President - Woodrow Wilson (D)
1920
Revenue - $6,649
Outlays - $6,358
Surplus/(Deficit) - $291
President - Woodrow Wilson (D)
1927
Revenue - $4,013
Outlays - $2,857
Surplus/(Deficit) - $1,155
Individual income tax rate - 1.5% to 25%
Corporate income tax rate - 14%
President - Calvin Coolidge (R)
Surpluses from 1927 through 1930
1931
Revenue - $3,116
Outlays - $3,577
Surplus/(Deficit) - ($462)
Indivdual income tax rate - 1.5% to 25%
Corporate income tax rate - 12%
President - Herbert Hoover (R)
1932
Revenue - $1,924
Outlays - $4,659
Surplus/(Deficit) - ($2,735)
Individual income tax rate - 4% to 63%
Corporate income tax rate - 14%
Historical events - Depression begins
President - Herbert Hoover (R)
1933
Revenue - $1,997
Outlays - $4,598
Surplus/(Deficit) - ($2,602)
President - Herbert Hoover (R), Franklin Delano Roosevelt (D)
1934
Revenue - $2,955
Outlays - $6,541
Surplus/(Deficit) - ($3,586)
President - FDR (D)
1935
Revenue - $3,609
Outlays - $6,412
Surplus/(Deficit) - ($2,803)
President - FDR (D)
1936
Revenue - $3,923
Outlays - $8,228
Surplus/(Deficit) - ($4,304)
Individual income tax rate - 4% to 79%
President - FDR (D)
1937
Revenue - $5,387
Outlays - $7,580
Surplus/(Deficit) - ($2,193)
President - FDR (D)
1938
Revenue - $6,751
Outlays - $6,840
Surplus/(Deficit) - ($89)
President - FDR (D)
$2,000+ deficits in 1939 and 1940
1941
Revenue - $8,712
Outalys - $13,653
Surplus/(Deficit) - ($4,941)
Individual income tax rate - 10% to 81%
Corporate income tax rate - 21% to 44%
Historical events - US enters World War II (in December of 1941)
President - FDR (D)
1942
Revenue - $14,634
Outlays - $35,137
Surplus/(Deficit) - ($20,503)
Individual income tax rate - 19% to 88%
Corporate income tax rate - 25% to 53%
President - FDR (D)
1943
Revenue - $24,001
Outlays - $78,555
Surplus/(Deficit) - ($54,554)
President - FDR (D)
Deficits around the 1943 deficit continue through 1946.
1947
Revenue - $38,514
Outlays - $34,496
Surplus/(Deficit) - $4,018
Individual income tax rate - 20% to 91%
Corporate income tax rate - 21% to 53%
President - Harry Truman (D)
Surpluses in smaller amounts continue to 1950
1950
Revenue - $39,443
Outlays - $42,562
Surplus/(Deficit) - ($3,119)
Individual income tax rate - 20% to 91%
Corporate income tax rate - 23% to 42%
President - Harry Truman (D)
Surpluses and deficits interchange between 1950 and 1960. After 1960, it's deficits until 1998. I've included the bigger deficit years.
1968
Revenue - $152,973 (up from 1967)
Outlays - $178,134 (up substantially from 1967)
Surplus/(Deficit) - ($25,161)
Individual income tax rate - 14% to 70%
Corporate income tax rate - 22% to 48%
President - Lyndon B. Johnson (D)
1976
Revenue - $298,060 (up from 1975)
Outlays - $371,792 (up from 1975)
Surplus/(Deficit) - ($73,732)
Individual income tax rate - 14% to 70%
Corporate income tax rate - 20% to 48%
President - Gerald Ford (R)
1979
Revenue - $463,302
Outlays - $504,028
Surplus/(Deficit) - ($40,726)
Individual income tax rate - 14% to 70%
Corporate income tax rate - 17% to 46%
President - Jimmy Carter (D)
1980
Revenue - $517,112
Outlays - $590,941
Surplus/(Deficit) - ($73,830)
President - Jimmy Carter (D)
1981
Revenue - $599,272
Outlays - $678,241
Surplus/(Deficit) - ($78,968)
Individual income tax rate - 14% to 70%
President - Jimmy Carter (D), Ronald Reagan (R)
1982
Revenue - $617,766
Outlays - $745,743
Surplus/(Deficit) - ($127,977)
Individual income tax rate - 12% to 50%
Corporate income tax rate - 16% to 46%
President - Ronald Reagan (R)
1983
Revenue - $600,562
Outlays - $808,364
Surplus/(Deficit) - ($207,802)
Individual income tax rate - 12% to 50%
Corporate income tax rate - 15% to 46%
President - Ronald Reagan (R)
After 1983, receipts continue to increase and sepnding continues to increase. Receipts jump from $600,562 in 1983 to $1,031,958 in 1990 (71% increase). Outlays jump from $808,364 in 1983 to $1,252,994 in 1990 (55% increase).
1996
Revenue - $1,453,053
Outlays - $1,560,484
Surplus/(Deficit) - ($107,431)
Individual income tax rate - 15% to 39.6%
Corporate income tax rate - 15% to 35%
President - Bill Clinton (D)
The downward trend in deficits begins in 1993 (a deficit of $255,051) and is either a smaller deficit or surplus until 2002.
1998
Revenue - 1,721,728
Outlays - $1,652,458
Surplus/(Deficit) - $69,270
President - Bill Clinton (D)
Revenue and expenses both continue to increase, although expenses increase at a slower rate, which acocunts for the surplus beginning in 1998.
2000
Revenue - $2,025,191
Outlays - $1,788,950
Surplus/(Deficit) - $236,241
President - Bill Clinton (D)
2000 is the year with the biggest surplus in the late 20th century. There is a $128,236 surplus in 2001 as well.
2001
Revenue - $1,991,082 (decrease in revenue)
Outlays - $1,862,846
Surplus/(Deficit) - $128,236
President - Bill Clinton (D), George W Bush (R)
2002
Revenue - $1,853,136
Outlays - $2,010,894
Surplus/(Deficit) - ($157,758)
President - George W Bush (R)
Revenue continues to increase through 2008. Revenue is lower in 2009 through 2011 than anytime between 2006 and 2008. Expenses also continue to increase through 2011.
2003
Revenue - $1,782,314
Outlays - $2,159,899
Surplus/(Deficit) - ($377,585)
Individual income tax rate - 10% to 35%
President - George W Bush (R)
2004
Revenue - $1,880,114
Outlays - $2,292,841
Surplus/(Deficit) - ($412,727)
President - George W Bush (R)
2005
Revenue - $2,153,611
Outlays - $2,471,957
Surplus/(Deficit) - ($318,346)
President - George W Bush (R)
2006
Revenue - $2,406,869
Outlays - $2,665,050
Surplus/(Deficit) - ($248,181)
President - George W Bush (R)
2007
Revenue - $2,567,985
Outlays - $2,728,686
Surplus/(Deficit) - ($160,701)
President - George W Bush (R)
2008
Revenue - $2,523,991
Outlays - $2,982,544
Surplus/(Deficit) - ($458,553)
President - George W Bush (R)
2009
Revenue - $2,104,989 (decrease of approximately $400,000)
Outlays - $3,517,677 (increase of approximately $530,000)
Surplus/(Deficit) - ($1,412,688)
President - George W Bush (R), Barack Obama (D)
2010
Revenue - $2,162,724
Outlays - $3,456,213
Surplus/(Deficit) - ($1,293,489)
President - Barack Obama (D)
2011
Revenue - $2,303,466
Outlays - $3,603,061
Surplus/(Deficit) - ($1,299,595)
President - Barack Obama (D)
