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Under Obama Taxes Reach Lowest Level Since Truman

Posted by Anonymous User 
Anonymous User
Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 08:16PM
[A]s 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.
For those of you keeping score at home, federal tax receipts this year are expected to be about 14.8 percent of GDP. By contrast that figure was 17.5 percent in tax cut warrior George W. Bush’s last full year in office.

Of course, this is only looking at federal taxes, and doesn't reflect state and local taxes, but a USA Today analysis found last year that if we include everything -- federal, state, and local taxes, including income, property, sales, and other taxes -- the percentage of personal income that's paid in taxes is still at its lowest level since 1950.

As Michael Ettlinger, head of economic policy at the Center for American Progress, said at the time, "The idea that taxes are high right now is pretty much nuts."
[www.usnews.com]
Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 08:22PM
Also,

The U.S. leads the world in manufacturing, producing 40% more than its nearest competitor, China.

The Dow Jones average has risen from 8000 to 12000, a 50% increase, since Obama's been in office.
Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 08:23PM
So where are the jobs?
Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 08:37PM
Things are doubly good.
Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 09:17PM
Double-plus good!

Anonymous User
Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 09:33PM
Curt Anderson Wrote:
-------------------------------------------------------
> s 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.
> For those of you keeping score at home, federal
> tax receipts this year are expected to be about
> 14.8 percent of GDP. By contrast that figure was
> 17.5 percent in tax cut warrior George W. Bush’s
> last full year in office.

> As Michael Ettlinger, head of economic policy at
> the Center for American Progress, said at the
> time, "The idea that taxes are high right now is
> pretty much nuts."
> [www.usnews.com]
> nger/2011/02/08/under-obama-taxes-reach-lowest-lev
> el-since-truman.html

Curt, I'm no fan of George Bush. If fact, his foolish policies got us into this mess.

However, the correct reason American families and businesses will pay less in federal taxes for the third straight year is as follows:

The national unemployment rate remains firm at 9.1% and the national underemployment rate remains firm at 18.2%.

It is a well established fact when people are not working or are woking less, federal tax receipts are much less than when they are working. It has nothing to do with lower tax rates.

In fact, as John Kennedy wisely proved, lower tax rates often result in more tax revenues to the government because more people are now working and paying taxes!

By the way, this is nothing to celebrate or be happy about!

James


Re: Under Obama Taxes Reach Lowest Level Since Truman
February 08, 2011 09:51PM
JFK also closed many tax loopholes.
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