In fiscal year 2000, the Federal on-budget revenues, which come almost entirely from personal and corporate income taxes, from estate taxes, capital gains taxes, and excise taxes, totaled 101 percent of expenditures. This year, they will scarcely cover two-thirds of expenditures. The tax base of the Federal Government is being destroyed. Who will tell the American people? It is hard for anyone to discern the truth from all of the conflicting words and numbers; but the American people must learn the truth. They also must act, because the looting of America will not stop until Americans stop it. It is not too late. It is almost, but not quite, too late.
Mark Dayton: “In fiscal year 2000, the Federal on-budget revenues, which come almost entirely from personal and corporate income…”
Editor's note · Context
Discussing federal revenue and expenditures during a Senate floor speech.
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