"Only dull people are brilliant at breakfast" -Oscar Wilde |
"The liberal soul shall be made fat, and he that watereth, shall be watered also himself." -- Proverbs 11:25 |
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 taxes — including income, property, sales and other 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.
Labels: American Idiots, taxes, Teabaggers
Even if Obama doesn't explicitly raise taxes, they're going up anyway. Note that the article you link to attributes the low overall tax burden to 3 things:
1. Stimulus tax credits, which will expire this year.
2. Bush tax cuts, which will expire this year.
3. Depressed wages and consumption due to the recession. (Which is nothing to be happy about, and, I believe, beginning to improve.)
Anyway, I think the writing is on the wall as to which direction taxes are going.
Got up to 63. Asked his son to look at the books. In 45 years of continuous business had never paid a dime in local, state, federal or SS taxes.
Son purchased all assets. Paid mom and dad the maximum amount to qualify them for maximum SS payments and then declared bankruptcy leaving the employees unpaid and no contribution to any SS or state taxes.
Sweet, if you can look yourself in the mirror in the morning.