This is a recent chart published by the Tax Foundation. And it's worth considering the implications of this in the economy.

Investopedia notes that "developed nations typically have higher tax-to-GDP ratios than developing nations." It also notes that "higher tax revenues mean a country is able to spend more on improving infrastructure, health, and education." This can be a double-edged sword.

On one end, it can signify a massive fiscal spending boom ahead. On another end, if the majority of that revenue goes towards unproductive means, like paying interest or paying down the principle of debt, then there will be less economic growth in the future.

Here's what caused federal tax collections as a share of GDP to surge. The federal government has reaped huge tax revenues from all the capital gains taxes they collected from citizens as the booming stock and real estate markets enriched people. Payroll taxes have also increased as more people got jobs. Corporate profits surged during 2021 and the government reaped more tax revenue from there.