Taxes Under Obama Hit Lowest Level Since 1950

[Toddsterpatriot]

Why, that's a good question. And the answer is? Because if taxes are lower under Obama, and the economy sucks, it takes away from the argument that lower taxes equates to higher levels of economic activity. Failing to believe that, the answer is. Lower taxes can't be fact because Obama is President and they (Repubs) hate Obama therefore taxes can't be lower and Dems are lying mutta fookers.

Or it could be the Rethugs on here are to fuking stupid to know what they are talking about.

Your choice.

Or it could be that tax rates are high, our corporate rate is the highest in the world, but tax receipts are low because the economy sucks under Obama.

tax rate and tax burden are 2 different things. And the the study measured tax as percentage of income.

Then the title is inaccurate.
It should read "Tax Receipts Under Obama Hit Lowest Level Since 1950"

 

[Toddsterpatriot]

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.


"The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.

That conclusion echoed a similar finding from the Center on Budget and Policy Priorities last month. CBPP found


Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes.

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

That's not all...

Who Is The Smallest Government Spender Since Eisenhower?

Forbes

------------------------------------------------------------------------------------------------

Obama: Most Fiscally Conservative President in Modern History

the Atlantic

"People are not on unemployment for 2 years because there are no jobs. There are no jobs because people are on unemployment for 2 years."
The Rabbi

I love liberal bad math.
You can't blame the 2009 Obama stimulus and TARP spending on Bush.
You can't blame Bush for the 2008 stimulus spending that was repaid.
You can't credit Obama for the Bush TARP that was repaid under Obama.
Unless you're a lying liberal.

 

[GoneBezerk]

Tax revenues are also down thanks to Obamination.

Less people employed today and lower tax revenues....since Obamination stole the White House.

 

[Katzndogz]

If taxes are the lowest under obama since the 1950s, it is the best kept secret that has ever been. It is such a well kept secret that whoever has been in charge of keeping this secret should be in charge of all national security secrets because obama has been spreading those around like they are the latest blockbuster movie.

On the other hand, our national secrets are a movie, just ask Kathryn Bigelow.

 

[GoneBezerk]

Obamination wants to raise the world's highest corporate tax rate even higher to around 40%.

He is getting his Obamacare tax thanks to Roberts.

He is going to let the Bush tax cuts expire for most Americans expire on 1 Jan 13.

Yeah, he is really for slashing taxes on everyone.....bullshit.

 

[Toddsterpatriot]

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.


"The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.

That conclusion echoed a similar finding from the Center on Budget and Policy Priorities last month. CBPP found


Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes.

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

That's not all...

Who Is The Smallest Government Spender Since Eisenhower?

Forbes

------------------------------------------------------------------------------------------------

Obama: Most Fiscally Conservative President in Modern History

the Atlantic

"People are not on unemployment for 2 years because there are no jobs. There are no jobs because people are on unemployment for 2 years."
The Rabbi

Here's an excellent take down of this silly claim, from the comments section.....

“Federal spending since I took office has risen at the slowest pace of any president in almost 60 years,” Obama said at a campaign rally Thursday in Des Moines, Iowa.

The problem with that rosy claim is that the Wall Street bailout is part of the calculation. The bailout ballooned the 2009 budget just before Obama took office, making Obama’s 2010 results look smaller in comparison. And as almost $150 billion of the bailout was paid back during Obama’s watch, the analysis counted them as government spending cuts.

It also assumes Obama had less of a role setting the budget for 2009 than he really did.

Obama rests his claim on an analysis by MarketWatch, a financial information and news service owned by Dow Jones & Co. The analysis simply looks at the year-to-year topline spending number for the government but doesn’t account for distortions baked into the figures by the Wall Street bailout and government takeover of the mortgage lending giants Fannie Mae and Freddie Mac.

The MarketWatch study finds spending growth of only 1.4 percent over 2010-2013, or annual increases averaging 0.4 percent over that period. Those are stunningly low figures considering that Obama rammed through Congress an $831 billion stimulus measure in early 2009 and presided over significant increases in annual spending by domestic agencies at the same time the cost of benefit programs like Social Security, Medicare and the Medicaid were ticking steadily higher.

A fairer calculation would give Obama much of the responsibility for an almost 10 percent budget boost in 2009, then a 13 percent increase over 2010-2013, or average annual growth of spending of just more than 3 percent over that period.

So, how does the administration arrive at its claim?

First, there’s the Troubled Assets Relief Program, the official name for the Wall Street bailout. First, companies got a net $151 billion from TARP in 2009, making 2010 spending look smaller. Then, because banks and Wall Street firms repaid a net $110 billion in TARP funds in 2010, Obama is claiming credit for cutting spending by that much.

The combination of TARP lending in one year and much of that money being paid back in the next makes Obama’s spending record for 2010 look $261 billion thriftier than it really was. Only by that measure does Obama “cut” spending by 1.8 percent in 2010 as the analysis claims.

The federal takeover of Fannie Mae and Freddie Mac also makes Obama’s record on spending look better than it was. The government spent $96 billion on the Fannie-Freddie takeovers in 2009 but only $40 billion on them in 2010. By the administration’s reckoning, the $56 billion difference was a spending cut by Obama.

Taken together, TARP and the takeover of Fannie and Freddie combine to give Obama an undeserved $317 billion swing in the 2010 figures and the resulting 1.8 percent cut from 2009. A fairer reading is an almost 8 percent increase.

Those two bailouts account for $72 billion more in cuts in 2011. Obama supported the bailouts.

There’s also the question of how to treat the 2009 fiscal year, which actually began Oct. 1, 2008, almost four months before Obama took office. Typically, the remaining eight months get counted as part of the prior president’s spending since the incoming president usually doesn’t change it much until the following October. The MarketWatch analysis assigned 2009 to former President George W. Bush, though it gave Obama responsibility that year for a $140 billion chunk of the 2009 stimulus bill.

But Obama’s role in 2009 spending was much bigger than that. For starters, he signed nine spending bills funding every Cabinet agency except Defense, Veterans Affairs and Homeland Security. While the numbers don’t jibe exactly, Obama bears the chief responsibility for an 11 percent, $59 billion increase in non-defense spending in 2009. Then there’s a 9 percent, $109 billion increase in combined defense and non-defense appropriated outlays in 2010, a year for which Obama is wholly responsible.

As other critics have noted, including former Congressional Budget Office Director Douglas Holtz-Eakin, the MarketWatch analysis also incorporates CBO’s annual baseline as its estimate for fiscal years 2012 and 2013. That gives Obama credit for three events unlikely to occur:

–$65 billion in 2013 from automatic, across-the-board spending cuts slated to take effect next January.

–Cuts in Medicare payments to physicians.

–The expiration of refundable tax cuts that are “scored” as spending in federal ledgers.

Lawmakers are unlikely to allow the automatic cuts to take full effect, but it’s at best a guessing game as to what will really happen in 2013. A better measure is Obama’s request for 2013.

“You can only make him look good by ignoring the early years and adopting the hope and not the reality of the years in his budget,” said Holtz-Eakin, a GOP economist and president of the American Action Forum, a free market think tank.

So how does Obama measure up?

If one assumes that TARP and the takeover of Fannie and Freddie by the government as one-time budgetary anomalies and remove them from calculations — an approach taken by Holtz-Eakin — you get the following picture:

–A 9.7 percent increase in 2009, much of which is attributable to Obama.

–A 7.8 percent increase in 2010, followed by slower spending growth over 2011-13. Much of the slower growth reflects the influence of Republicans retaking control of the House and their budget and debt deal last summer with Obama. All told, government spending now appears to be growing at an annual rate of roughly 3 percent over the 2010-2013 period, rather than the 0.4 percent claimed by Obama and the MarketWatch analysis.

 

[JakeStarkey]

The Troll Party wanted smaller government and revenues, right?

Tax revenues are also down thanks to Obamination.

Less people employed today and lower tax revenues....since Obamination stole the White House.

 

[Toddsterpatriot]

The Troll Party wanted smaller government and revenues, right?

Tax revenues are also down thanks to Obamination.

Less people employed today and lower tax revenues....since Obamination stole the White House.

Troll party? I don't know who that is, but I know I want smaller spending as well as smaller government and smaller revenues.

 

[Bfgrn]

Obamination wants to raise the world's highest corporate tax rate even higher to around 40%.

PROVE it

 

[JakeStarkey]

The Tea Party became the Troll Party yesterday. I renamed it. So the Troll Party supports Obama's government because of smaller government, fewer employees, and less taxation.

The Troll Party wanted smaller government and revenues, right?

Tax revenues are also down thanks to Obamination.

Less people employed today and lower tax revenues....since Obamination stole the White House.

Troll party? I don't know who that is, but I know I want smaller spending as well as smaller government and smaller revenues.

 

[bigrebnc1775]

The Tea Party became the Troll Party yesterday. I renamed it. So the Troll Party supports Obama's government because of smaller government, fewer employees, and less taxation.

The Troll Party wanted smaller government and revenues, right?

Troll party? I don't know who that is, but I know I want smaller spending as well as smaller government and smaller revenues.

So you started you own party yesterday?
Troll.

 

[rdean]

But right wingers said Obama "raised" taxes. Were they lying? Again?

 

[rdean]

Obamination wants to raise the world's highest corporate tax rate even higher to around 40%.
.

You are going to prove that, right? Anything else would make you look like a "lying sack of shit".

 

[Soggy in NOLA]

What do you think will happen when people spend less?

 

[JakeStarkey]

I renamed your Tea Party the Troll Party yesterday, bigrebnc.

You and the other Trolls now support Obama because he created smaller government, fewer employees, and less taxation.

You can go vote for Obama and go to hell. I am voting for Romney.

The Tea Party became the Troll Party yesterday. I renamed it. So the Troll Party supports Obama's government because of smaller government, fewer employees, and less taxation.

Troll party? I don't know who that is, but I know I want smaller spending as well as smaller government and smaller revenues.

So you started you own party yesterday?
Troll.

 

[AmericanFirst]

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.


"The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.

That conclusion echoed a similar finding from the Center on Budget and Policy Priorities last month. CBPP found


Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes.

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

Thanks to Bush.

 

[ecinicola]

Well i don't know what plantet people are on, but my property tax went up this year. And i am predicting i am going to owe higher income tax this year also.

 

[Truthseeker420]

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.


"The idea that taxes are high right now is pretty much nuts," says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.

That conclusion echoed a similar finding from the Center on Budget and Policy Priorities last month. CBPP found


Middle-income Americans are now paying federal taxes at or near historically low levels, according to the latest available data. That's true whether it comes to their federal income taxes or their total federal taxes.

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

Thanks to Bush.

And the Obama Tax cuts.

 

[AmericanFirst]

Tea Parties Rage as Taxes Hit Lowest Level Since 1950 | Crooks and Liars

Thanks to Bush.

And the Obama Tax cuts.

LIAR!!! It was the Bush tax cuts. Obamaturd extended them only under pressure. Funny how you want to give credit to obamaturd for something you and him hate. IDIOTS!!!!

 

[Truthseeker420]

Thanks to Bush.

And the Obama Tax cuts.

LIAR!!! It was the Bush tax cuts. Obamaturd extended them only under pressure. Funny how you want to give credit to obamaturd for something you and him hate. IDIOTS!!!!

1/3 of the Obama stimulus was Obama tax cuts and had nothing to do with Bush.