Tax Facts: Lowest Rates in 30 Years

[Cigar]

http://i18.photobucket.com/albums/b137/chasc5/Tax_Rates_All.png

Politicians talk about the burden of taxes incessantly. Now comes a rare chance to check the facts. And the fact is that federal tax rates had fallen to the lowest in 30 years when President Barack Obama took office — and fell again in his first year in office.

This news comes from the nonpartisan Congressional Budget Office, which just issued the latest update of its invaluable series on “Distribution of Household Income and Federal Taxes (http://cbo.gov/sites/default/files/cbofiles/attachments/43373-06-11-HouseholdIncomeandFedTaxes.pdf),” this time covering 2008 and 2009. The CBO’s statistical series now covers the 30 years since 1979.

http://factcheck.org/2012/07/tax-facts-lowest-rates-in-30-years/

This graph should be used in ads all over America. Misinformation to the contrary is spread daily by right-wing bloggers, Fox News, etc.

http://i18.photobucket.com/albums/b137/chasc5/Fear.jpg

[Mainecoons]

That 40 cents on the dollar budget deficit of Obama's is a tax on the future. Maybe in your weird world, debt doesn't have to be repaid but in the real world it is either repaid or defaulted (bankrupt). At this point, there is some question whether it could ever be repaid and the country under Mr. Obama is on a clear course towards default.

Something else for you to be proud of there.

[Mainecoons]

http://seekingalpha.com/article/149944-tax-revenues-plunge-again




The anemic economy decimated state tax collections during the first three
months of the year, according to a report (http://www.rockinst.org/pdf/government_finance/state_revenue_report/2009-07-17-SRR_76.pdf) released Friday by the Rockefeller Institute of
Government. The drop in revenues was the steepest in the 46 years that
quarterly data has been available.

So, what was this absolutely horrendous, heartstopping decline? It was
11.7%.



…Over all, the report found that state tax collections dropped 11.7
percent in the first three months of 2009, compared with the same period last
year. After adjusting for inflation, new changes in tax rates and other
anomalies, the report found that tax revenues had declined in 47 of the 50
states in the quarter.

That’s a big revenue drop, but far less than that experienced by thousands of
businesses across the land. The problem, of course, is that politicians assumed
that tax revenues would keep going up forever. Sounds a bit like those who
thought real estate prices would never fall, doesn’t it? It is obviously not
true that tax revenues don’t decline, nor has it ever been true as the chart
below bears out.


You see, that's the difference between Barack/Barry/?? and Bill Clinton. The latter understood that government doesn't have money if the private economy languishes. The former thinks it grows on trees and is running the printing presses to prove the point.

[Peter1469]

What about tax deductions? Don't forget about them.

[Cigar]

I didn't think anyone could dispute the facts ... :wink:

[Mainecoons]

Rates is not the same as collections, fool.

People are now having to work into July to support government. When I was your age, assuming you're not lying about that too, it was the end of April.


In a new report, Americans for Tax Reform (ATR) has calculated that Americans will spend a total of 197 days toiling to pay for the cost of government.
"Cost of Government Day is the date of the calendar year on which the average American worker has earned enough gross income to pay off his or her share of the spending and regulatory burden imposed by government at the federal, state and local levels," reads the report. (http://www.costofgovernment.org/files/files/COGD2012_hi%20res.pdf)
The report, Cost of Government Day, (http://www.costofgovernment.org/files/files/COGD2012_hi%20res.pdf) shows that Americans will work 88 days to pay for federal spending; 40 days for state and local spending; and 69 days for total regulatory costs.
"From a different perspective, the cost of government makes up 54.0 percent of annual gross domestic product (GDP)," reads the report. "What's more, the largest tax hike in the nation's history is scheduled to take place at the end of 2012 unless Congress acts to protect taxpayers. If this tax increase is allowed to hit, COGD [Cost of Government Day] could permanently be pushed back into August and beyond."


http://cnsnews.com/news/article/americans-will-work-more-6-months-pay-cost-govt-2012

[Cigar]

Rates is not the same as collections, fool.

People are now having to work into July to support government. When I was your age, assuming you're not lying about that too, it was the end of April.



http://cnsnews.com/news/article/americans-will-work-more-6-months-pay-cost-govt-2012

Nothing is like the way it was ... and never will be.

Get use to it or not.

[Mainecoons]

Hey genius, here's another fact: It is erroneous to average the half of the households that pay no tax in with the half that do, and claim the average tax rate has fallen, trying to sell the B.S. that it has fallen for those actually paying the taxes. Just another one of your lies by omission.

[Peter1469]

Rates is not the same as collections, fool.

People are now having to work into July to support government. When I was your age, assuming you're not lying about that too, it was the end of April.



http://cnsnews.com/news/article/americans-will-work-more-6-months-pay-cost-govt-2012

Right. Lower rates can collect more revenue than higher rates.

[bajisima]

Even though tax rates are low, the number of people working is way lower. When taxes were higher under Clinton the economy wasn't this bad and I am not talking just about employment, we had lower debt, houses were worth a lot, banks were lending and people had money in the bank. Now we have none of that, if you are under 50 and lucky to have a home there is a good chance you are underwater in your mortgage which impedes one to be able to move where jobs are. College grads have no jobs and are forced to live at home with their parents much longer. Politicians need to realize that even raising taxes 20 bucks a week can HURT!

[Peter1469]

I looked at the chart again- it is only federal income taxes. Now add in all of the other taxes and hidden taxes- federal, state, and local.

[coolwalker]

I didn't think anyone could dispute the facts ... :wink:

Your facts and real facts are like oranges and apples. They are both fruit but they taste different.

[Trinnity]

Thing is, Obama want to raise EVERYONE'S taxes, and just keep on spending.
The real deal is he want to raise enough taxes to keep the debt from totally swallowing us.
-And keep on spending.

[Goldie Locks]

http://acivilamericandebate.files.wordpress.com/2011/04/growth-in-income-inequality1.jpg