Tuesday, May 11, 2010

We're paying too much in taxes???

The Tea Party ought to love reading this, which comes from the USA Today (and appearing in Martin Kady II's "The Huddle" on Politico):

'Amid complaints about high taxes and calls for a smaller government, Americans paid their lowest level of taxes last year since Harry Truman's presidency, a USA TODAY analysis of federal data found. Some conservative political movements such as the 'Tea Party' have criticized federal spending as being out of control. While spending is up, taxes have fallen to exceptionally low levels.

'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. The real problem is spending,counters Adam Brandon of FreedomWorks, which organizes Tea Party groups. 'The money we borrow is going to be paid back through taxation in the future,' he says.'

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