Tax Collections in 2009 Lowest Since 1950

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    Tax Collections in 2009 were Lowest Since 1950 | Wall St. Cheat Sheet

    By Damien Hoffman

    Posted on May 11 2010. ShareThis
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    Despite all the populist rhetoric, the government collected the least amount of tax revenue in 60 years.

    Federal, state and local taxes — including income, property, sales and other taxes — consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.

    Sounds great? Don’t celebrate too hard. With the largest debt to GDP levels in almost the same period of time, expect an army of tax collectors to start scouring the country in 2011 when many tax cuts are set to expire. Looks like we need Russell Crowe to emerge from the silver screen and become a real life Robin Hood.
     

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