Posted on 07/12/2012 9:15:26 AM PDT by raulgomez05
Politicians talk about the burden of taxes incessantly. Now comes a rare chance to check the facts. And the fact is that federal tax rates had fallen to the lowest in 30 years when President Barack Obama took office — and fell again in his first year in office.
This news comes from the nonpartisan Congressional Budget Office, which just issued the latest update of its invaluable series on “Distribution of Household Income and Federal Taxes,” this time covering 2008 and 2009. The CBO’s statistical series now covers the 30 years since 1979.
The average rate paid by all households for all federal taxes combined — including income taxes, payroll taxes, excise taxes (on such things as gasoline, tobacco and alcoholic beverages) and individuals’ share of corporate income taxes — hit its highest rate during the period in 2000, just before President George W. Bush began signing the tax cuts that are scheduled to expire next year (unless Congress extends them again).
(Excerpt) Read more at factcheck.org ...
Fewer taxpayers = less taxes.
This does not pass the smell test. I sense a boatload of spin required to make this a “factual” statement.
Of course. Politicians will promise and run on cutting taxes. We haven’t had a politician cut debt, spending or the Gov’t in general in years. Its always the ‘fringe’ who bring up cutting spending instead of going with the flow and just taxes.
I keep my pay check stubs for a year. During Obama’s first year I received no pay raise YET the FedWith line item increased.
We will be forced to come up with the money somehow and longer this "tax break" is in effect, the sooner we must pay the piper.
Oh well, we are a nation of greedy ignoramuses and will suffer the consequences.
Why not. The same FACT Check article points out the the top 1% is effective tax rate has increased under Obama.
The middle 20% has declined under Obama, which makes sense since over 50% of households do not pay federal tax.
If you read this article carefully, it support the conservative position: we are taxing wealth creators and creating a dependent class.
My aged mother's friend seems to be the only right thinking Annenberg left.
One treasury secretary, William Simon of blessed memory, had the guts to say that inflation was another tax.
Of course this is true: only not for the reason you are thinking. Millions of people are unemployed under Obamugabe...making no income will by default create a lower average salary and thus a lower percentage of households paying tax.
This just means the American standard of living is going to hell.
If I go from working & making $80,000 a year & paying appropriate tax rates on that money to being laid off & on unemployment which brings me about $20,000 a year, then I am paying a much lower rate if tax & a much lower total amount of income tax.
When people are not working, they are not paying taxes!!!
They also are not driving as much & paying gas taxes!
Average rates paid decline as income drops to lower brackets. Unemployment increases raise the number of people not paying income tax and thus the average tax paid.
I have only two words for this one
Bull S***!
When income goes down, the average income tax rate paid goes down.
When high paid people take lower paid jobs just to survive, the average rate of income taxes paid goes down.
When higher paid people get axed, and survive on unemployment, the average rate of income taxes paid goes down.
However...using this as a justification for raising income tax rates is equivalent to putting more straws onto a camel’s back when it is already buckling from the weight it is carrying.
I don't think a small business owner hovering between the $250-500K range are gonna hitch up their bootstraps and work another 20 hours a week more to keep up their lifestyle (which probably isn't good because they're hoping to reinvest, pay employees and expand)....All this dream stuff of "really getting somewhere" now DOES NOT EXIST any more.
They aren't going to work harder! They'll work smarter! They'll fire the excess employees that takes them into Obamacare or that 'bad' income level of $250K or more. They will work less, enjoy the time off with their family, AND they will take less in income and live longer.
We are about to see a decrease in productivity the likes of which this nation has never known. I KNOW, I've been there - I am there. I semi-retired and work "just enough" - and I enjoy myself now.
I have a friend that has no other interest in life than making money - it is what brings him joy and he is very good at it. Most of his friends are those involved in his pursuit of money. He will probably keep doing it even under oppressive taxation.
The EITC program, free money give away for just filing a 1040, is called a tax break. Words are losing their meaning.
Tax rate or taxes? Taxes have risen a lot because of inflation. My tax of $2.00 back in 2000 is now $2.40 because of oBumblers horse shiite.
While it is called a “tax break,” as you say, they (Government) has the audacity and the effrontery to call it EARNED INCOME Tax Credit - as if these leeches “earned” anything.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.