What portion of the U.S. economy is consumed by federal, state and local taxes?
In 2018, federal, state and local taxes consumed 24.8% of the U.S. economy. This has increased from 10% in 1930. Governments also spent another 6% more of the economy than they collected in revenues, which is an effective tax on tomorrow's workers and taxpayers. These figures account for all types of explicit taxes, including hidden taxes. However, they don't include implicit hidden taxes that impose the costs of government social policies by shifting them to the private sector. Nor do they include unfunded liabilities and obligations, which also constitute a burden on future taxpayers.