Tax rates lowest since 1950
Tax bills in 2009 at lowest level since 1950
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.</em>
Now if we’d quit spending money like Paris Hilton on QVC, we’d be getting somewhere…
