Home Budget, Economy Federal Taxes at Lowest Level in 61 Years

Federal Taxes at Lowest Level in 61 Years


So much for “taxed enough already.”

Taxes too high?

Actually, as a share of the nation’s economy, Uncle Sam’s take this year will be the lowest since 1950, when the Korean War was just getting under way.

And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and poor alike.

Income tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency. Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office.

Again, let’s emphasize this point, because by the sound of most political rhetoric these days, you’d think it was the exact opposite: federal taxes are now the LOWEST in 61 years, since before the vast majority of Americans were born. And yet, somehow, Teapublicans claim our budget deficits are all because we “spend too much?” So much for that crazy thing called “reality.” Also, can Democrats and whatever sane Republicans are left kingly stop reinforcing the absurd “frame” that we are “burdened” with taxes and need “relief,” when in fact the exact opposite is true by U.S. historic standards?  Thank you.


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