Skip to comments.Federal tax rates at lowest level in 30 years (Barf alert!)
Posted on 07/11/2012 8:46:35 PM PDT by GodAndCountryFirst
WASHINGTON -- Americans paid the lowest tax rates in 30 years to the federal government in 2009, partly because of tax cuts President Barack Obama sought to combat the Great Recession, congressional budget analysts said Tuesday.
A sharp decline in income -- especially among the wealthiest Americans, who pay the highest tax rates -- also played a role, according to the report by the nonpartisan Congressional Budget Office. Household income fell 12 percent on average from 2007 to 2009, with income among the top 1 percent of earners decreasing by more than a third.
Still, at the very moment anti-tax protesters were emerging as the most powerful force in American politics, handing Republicans landslide control of the U.S. House, the data show that people were sending the smallest portion of their income to the federal government since 1979.
(Excerpt) Read more at star-telegram.com ...
Somebody been hittin’ da “happy smoke”! Barry cut taxes?! ROTFLMAO!!!!!!!! Funny stuff.
To be clear, the CBO data depicts the effective average tax rate -- all federal taxes paid, divided by total income. It's not just the tax rates on your 1040.
The largest reason that the average tax rate went down is because the total tax burden has shifted onto the "rich". Their income is much more sensitive to the economic cycle, and as a group, it has dropped quite a bit in the past two years. As a result, overall tax revenues have dropped precipitously, and the average tax rate for everyone has been reduced.
Revenues may be a lower percentage of GDP, but rates are higher than they were in 1988.
They are higher than they were in 2007. I am not rich and my taxes have never been higher!
The CBO data is based on taxes paid, divided by total income. It's independent of income adjustments, deductions, tax brackets, etc.
In 2009, the average tax rate for ALL federal taxes (personal income, corporate income, social insurance, and excise) was 17.4%. In 1988, it was 21.5%.
The average tax rate has hovered around 20-22% for the past three decades, until it dropped significantly the past two years. The biggest reason appears to be an over-dependence on the "rich" for income tax revenue. Their income is more sensitive to the economic cycle, and when it dropped significantly, so did tax revenues.
The IRS is now a spending agency for the bottom 40 percent of households.
Everybody is paying lower effective rates. Not because obama or congress has reduced tax rates, but because the democommie congress and obama have created a depression that has pushed the people who used to be in the higher tax brackets into the tax brackets of the lower classes.
The people who were in the lower brackets before obama are now in the negative tax brackets.
The Grocery store advertised that it had lowered prices.
I went down there and found the prices HIGHER than normal.
I got the manager and complained: the prices were supposed to be lower!
He sneered “Didn’t you get the coupon book? If you had the coupon book you would see that our prices have indeed come down.”
With that, he stormed off....
We are number 1
Not defending crop tax rate but if I have to choose between corp income tax ot a european style VAT, I would choose corp tax Those VAT are insidious and hidden.
I have the checks to prove that this is an outright lie!
The economy was still OK till OZERO came in. He pushed us over the edge with his tax increases!
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