The differences in these projections are both quantitative and qualitative in nature. As shown in Figure 5, the Fox Study – based on its “hockey stick” forecast for the growth of electronic commerce – forecasts that uncollected tax revenues will grow rapidly in the future. Our forecast, which is based on what we believe to be a far more realistic forecast for e-commerce growth, shows uncollected revenues growing only modestly. Indeed, our five-year forecast shows nominal uncollected revenues growing at only about 5.2 percent per year, only slightly higher than recent inflation rates – that is, in real terms, uncollected revenues are growing very slowly, if at all.