This figure does not include the very strong capital gains on shares, which I will come to later;  •  taxes payable grew less than income because we were given a series of tax cuts.
The asset-price data have been kindly provided by the Bank for International Settlements (BIS). For detailed explanations of these data see C.E.V. Borio, N. Kennedy, and S.D. Prowse (1994), “Exploring Aggregate Asset Price Fluctuations across Countries: Measurement, Determinants, and Monetary Policy Implications,” BIS Economic Papers 40 (Basel: Bank for International Settlements).