http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm
By Dennis Cauchon, USA TODAY
Amid complaints about high taxes and calls for a smaller government, Americans paid their lowest level of taxes last year since Harry Truman’s presidency, a USA TODAY analysis of federal data found.
Some conservative political movements such as the “Tea Party” have criticized federal spending as being out of control. While spending is up, taxes have fallen to exceptionally low levels.
Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.
“The idea that taxes are high right now is pretty much nuts,” says Michael Ettlinger, head of economic policy at the liberal Center for American Progress. The real problem is spending,counters Adam Brandon of FreedomWorks, which organizes Tea Party groups. “The money we borrow is going to be paid back through taxation in the future,” he says.
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my goodness….
isn’t that an eye-opener!
taxes lowest in 50 years, and economy was just the worst in 75 years!
jobless rate sux!
how can this be!
could supply-side economics be a simple case of propaganda?
since reagan tripled the US deficit to create a good economy…
and bush doubled the deficit to sustain the economy, even with republicans massive tax cuts for the wealthiest 1.5%.
.
you see, back-in-the-day, economists believed that taxes helped grow the economy by incentivising investment.
i have heard this myself, “it was either buy a brand new work truck or give it to the government”
and thats how taxes increase business investment.
since investment in a business doesn’t get taxed, then there is an incentive to invest!
.
its really not complicated.
and it even made america the richest, most powerful country on earth.
long before Ronald Reagan ever re-invented supply-side economics.
and deregulation as “reaganomics”…
.
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