America's Fiscal Constitution (91 page)

NOTES

1
. The current account balance represents the difference between imports and exports of goods, services, and transfers. Mathematically it is represented by the following: Balance of Goods and Services + Balance of Income (income receipts net of income payments) + Unilateral Transfers = Current Account balance. For 2010, Current Account balance = (500,027) + 165,224 + (136,095) = (470,898).

2
. For 1790–1918: US Office of Business Economics, unpublished data. For 1919–1945: US Bureau of Economic Analysis,
Statistical Supplement (1958),
10–13. For 1946–1959: Council of Economic Advisors,
Economic Report of the President
(1997), 414–415. For 1960-2010: Bureau of Economic Analysis, Survey of Current Business, Table 1: US International Transactions,
http://www.bea.gov/scb/date_guide.asp
. See also
Historical Statistics
(2006), Table Ee1-21.

3
. Data for 1900 is the average of two data points. One figure is comparable with data before 1900 while the other set is comparable with data after 1900.

4
. “Unilateral Transfers, net” includes (a) transfers of goods and services under military grant programs, (b) government transfers of goods and services (or cash) for which payment by the foreign country is not made, is not expected, or has not been specified, (c) and estimates of personal remittances of the foreign-born population in the United States.

A
PPENDIX
G

Corporate Income Tax: Effective Rates and Share of National Income, 1960–2009
¹

NOTES

1
. For corporate income tax after credits, see OMB, Historical Tables, “Supplemental Materials: Receipts,”
http://www.whitehouse.gov/omb/budget/Supplemental
. These amounts exclude trust fund receipts for the hazardous substance superfund. For corporate income subject to tax, see IRS, “SOI,” Historical Table 15, for all years except 2008 and 2009. Information for 2008 and 2009 is from IRS, “SOI,” Historical Table 13,
http://www.irs.gov/uac/SOI-Tax-Stats-SOI-Bulletin-Historical-Tables-and-Appendix
.

2
. The effective tax rate is a percentage derived by dividing corporate income tax revenues (after credits) by the corporate income subject to taxation.

3
. See Appendix B, note 3.

4
. For federal funds outlays, see Appendix C.

A
PPENDIX
H

Personal Income Tax: Effective Rates and share of National Income, 1950–2010