Transfer payments

We're currently running a budget deficit which is 4% of GDP. A big chunk of this can be directly attributed to Bush's tax cuts, which go overwhelmingly to the well-off. It looks to me like a gigantic transfer payment from future generations to the wealthiest Americans (or as Bush refers to them, "My base").

If you look at the figure below, tax receipts are down about 6% from the Clinton era (we went from a 2% budget surplus to the current deficit). It is perhaps legitimate to argue that the economy needed stimulus after 9/11. But we've had a couple of years of >3% GDP growth now, and we're in the middle of a "war" (or at least, expensive foreign policy debacle). Why should tax receipts as a fraction of GDP be at historic lows?