Federal taxes the lowest since 1950

[Chris]

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.

The poor economy is largely to blame, with corporate profits down and unemployment up. But so is a tax code that grows each year with new deductions, credits and exemptions. The result is that families making as much as $50,000 can avoid paying federal income taxes, if they have at least two dependent children. Low-income families can actually make a profit from the income tax, and the wealthy can significantly cut their payments.

The Associated Press: By 1 measure, federal taxes lowest since 1950

 

[whitehall]

Did you even read the story Mr. Bond? The A.P. is all over the place in a desperate effort to support the Obama administration. The income tax isn't at the same rate as it was in 1953. It's a deliberate mis-statement. The A.P. does say that income tax rates are expected to go up because of Obama's Health care. The A.P. doesn't say how much but instead camouflages the issue by saying that states will have to raise income tax. The A.P. says it commissioned (paid) H.R. Block to say that taxes are down but H.R. Block said no such thing. The best the A.P. could say is a very general statement with no corroberating evidence that "many" families are paying less tax because of yada,yada, Obama useless social experiment programs. We wouldn't be in such bad shape if tax rates were the same as under Bush in 08 but Obama just spent a trillion dollars of money we didn't have in an effort to jump-start the economy and it didn't happen. Now we still have global warming hanging around our necks like an albatross and Obama tells us that electric cars are the wave of the future while we are selling our Country to tyrants and crooks to buy oil when we could drill for it ourselves.

 

[boedicca]

Tax receipts are down because the economy is in bad shape. But that hasn't prevented the gubmint from spending us into oblivion.

Government spending as a share of GDP is at its HIGHEST rate since WWII.

 

[Oddball]

How much are FICA and Medicare taxes, compared to 1950?

AP spin: FAIL.

 

[The Infidel]

 

[Avatar4321]

So tax revenues are lower. May I suggest we spend a bit less? Crazy concept I know...

 

[NYcarbineer]

So tax revenues are lower. May I suggest we spend a bit less? Crazy concept I know...

So I guess lower taxes DON'T increase revenues.

Welcome to Duhville.

 

[Political Junky]

So tax revenues are lower. May I suggest we spend a bit less? Crazy concept I know...

So I guess lower taxes DON'T increase revenues.

Welcome to Duhville.

Quelle surprise.

 

[The Joe]

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.

[/url]

So you are saying that the government didn't take more then they need to out of my check. Why is that bad? Also, it's a tax refund, not a tax payment. America doesn't pay you to mooch here.

 

[The Joe]

So tax revenues are lower. May I suggest we spend a bit less? Crazy concept I know...

So I guess lower taxes DON'T increase revenues.

Welcome to Duhville.

I take it that you're the town moocher in Duhville.

 

[JFK_USA]

Hey!!! What are you doing? Posting facts isn't allowed here!!