In 2000, the federal government recorded the largest tax surplus in our nation's history. Even after devoting 100% of Social Security payroll tax collections to the Social Security Trust Fund—a prudent practice not observed for nearly 30 years prior to 1999—and paying down over $200 billion of publicly-held debt, the record tax surplus funded the highest one-year increase in federal spending in a decade.

Fiscal 2000 also marked the highest peacetime tax burden in history—both absolutely (reaching over $2.4 trillion) and as a percentage of the economy (consuming 21% of America's gross domestic product).

These are just some of the important facts that can be gleaned from this year's Annual Report. Each year since 1989, I have provided this summary of the federal government's financial operations because, as a taxpayer, you are entitled to it. I hope you find it useful.

 

Sincerely, Christopher Cox Chairman House Policy Committee

Download PDF version of annual report