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Tax bills in 2009 at lowest level since 1950

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Deuce

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Tax bills in 2009 at lowest level since 1950 - USATODAY.com

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.
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That damned Democratic Confiscatory Tax Scheme! Rising slightly above the lowest levels in 50 years...
 
Deuce said:
Tax bills in 2009 at lowest level since 1950 - USATODAY.com



That damned Democratic Confiscatory Tax Scheme! Rising slightly above the lowest levels in 50 years...
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Deuce said:
Tax bills in 2009 at lowest level since 1950 - USATODAY.com



That damned Democratic Confiscatory Tax Scheme! Rising slightly above the lowest levels in 50 years...
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Removing all politics (I know, I know, don't let facts get in the way of real "outrage"), there has been no huge changes in tax law since Obama took office. There was a small tax cut for most people early on and some business tax credits, but no increases for anyone. Combine that with a crappy economy, high unemployment, foreclosures, and lower housing prices and VIOLA! Fewer income tax receipts at all levels, less sales tax paid and less property taxes collected. You don't have to be an economist to see that the amount of taxes paid, on average, was heading south.
 
Taylor said:
You seem almost excited that we're at a 60-year low in terms of the tax bills, and have blown the roof off of all spending and deficit records.

I guarantee that future Deuce will not be as impressed as present Deuce.
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Almost excited? No, not really. The point I'm trying to make is that people complaining about CONFISCATORY TAX POLICIES are, well, nuts. We have people protesting in the streets about "high taxes" when these very people are paying the lowest taxes they ever have in their lifetimes. Why? It's irrational. "High taxes" don't even exist right now, let alone high taxes that are brought on by the Obama administration.

With taxes so low right now, the economy should be booming, right? That's the standard line. Cut taxes to spur growth! We did that. Over and over. Look where we are.

Present Deuce is not impressed.
 
stekim said:
Removing all politics (I know, I know, don't let facts get in the way of real "outrage"), there has been no huge changes in tax law since Obama took office. There was a small tax cut for most people early on and some business tax credits, but no increases for anyone. Combine that with a crappy economy, high unemployment, foreclosures, and lower housing prices and VIOLA! Fewer income tax receipts at all levels, less sales tax paid and less property taxes collected. You don't have to be an economist to see that the amount of taxes paid, on average, was heading south.
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Not to mention the tax law reamining primarily the same is in essense saying that the Bush Tax cuts are still in effect. These tax cuts however are looking to expire here at the end of the year to my understanding. The continued comment and view of conservatives that "The democrats are going to raise taxes" largely is based on the notion that part of, if not all, of the Bush Tax Cuts will not be extended.

Add Bush's Tax Cuts, mixed with numerous One Time tax credits, and an extremely poor and sluggish economy and employment situation and yeah, this isn't that surprising. If anything its a sad conflagration that will give cover for the coming argument to likely allow the Bush Tax Cuts to expire, or at least partially expire, so as to get tax revenue back up.
 
What do you expect with so many unemployed and democrats making it so almost half of the country pays no Federal income tax? Get back to me in 2 years when Bush tax cuts expire and Obama raising taxes takes hold
 
Zyphlin said:
Not to mention the tax law reamining primarily the same is in essense saying that the Bush Tax cuts are still in effect. These tax cuts however are looking to expire here at the end of the year to my understanding. The continued comment and view of conservatives that "The democrats are going to raise taxes" largely is based on the notion that part of, if not all, of the Bush Tax Cuts will not be extended.
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For the rich (however that is defined by those who decide such things) the cuts will likely not be extended. I think that is a given. And, of course, Obama will say he didn't raise taxes. He simply let the existing law, written and passed by Republicans, take its course. To me it's raising taxes, but whatever. And very few people will cry about the rich paying what they were paying in 2000. And, factually, we DO need more revenue. We also need to drastically cut spending. If we don't the world bond market will make us anyway, so it's best to start in early.
 
Zyphlin said:
Not to mention the tax law reamining primarily the same is in essense saying that the Bush Tax cuts are still in effect. These tax cuts however are looking to expire here at the end of the year to my understanding. The continued comment and view of conservatives that "The democrats are going to raise taxes" largely is based on the notion that part of, if not all, of the Bush Tax Cuts will not be extended.

Add Bush's Tax Cuts, mixed with numerous One Time tax credits, and an extremely poor and sluggish economy and employment situation and yeah, this isn't that surprising. If anything its a sad conflagration that will give cover for the coming argument to likely allow the Bush Tax Cuts to expire, or at least partially expire, so as to get tax revenue back up.
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Reality really does have a liberal bias. :)
 
Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.
 
Deuce said:
Reality really does have a liberal bias. :)
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Not at all, its how one spins it that has the bias.

The simple fact is we've taken in less tax dollars.

A liberal bias would say "See, we've not raised your taxes but have actually given money back to you all, resulting in you all not paying as much to the government. ".

The conservative bias would say "See, the economy is in shambles, people realize Democrats will let the actual tax CUTS expire while giving away temporary tax credits, so they're hording their money while having less people making money resulting in less revenue due to the uncertainty of their finanical futures."

The truth is likely somewhere in between.
 
The economy is down. Revenue is down. Profits are dramatically down. Earnings are down. Income is down. Unemployment is way, way, way up.

So yes, of course tax revenue is down.
 
Zyphlin said:
Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.
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That seems reasonable. If we pay 5% less in taxes they need to cut 5% of the budget. And not the kind of "cutting" where they simply reduce the rate of growth. An actual cut. Granted, we have a lot more work to do, but that would be a fair start. Because we do need more revenue. And we sure as hell need less spending.
 
Zyphlin said:
Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.
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We could set ourselves up for a trap, unless they included off budget items in the spending reductions.
 
Zyphlin said:
Not to mention the tax law reamining primarily the same is in essense saying that the Bush Tax cuts are still in effect. These tax cuts however are looking to expire here at the end of the year to my understanding. The continued comment and view of conservatives that "The democrats are going to raise taxes" largely is based on the notion that part of, if not all, of the Bush Tax Cuts will not be extended.

Add Bush's Tax Cuts, mixed with numerous One Time tax credits, and an extremely poor and sluggish economy and employment situation and yeah, this isn't that surprising. If anything its a sad conflagration that will give cover for the coming argument to likely allow the Bush Tax Cuts to expire, or at least partially expire, so as to get tax revenue back up.
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As for the Bush tax cuts, I was in favor of them, but for them to be effective, spending cuts also had to be made, and this is the area that Bush screwed the pooch on.
 
danarhea said:
As for the Bush tax cuts, I was in favor of them, but for them to be effective, spending cuts also had to be made, and this is the area that Bush screwed the pooch on.
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He screwed far more than one pooch.
 
Harry Guerrilla said:
We could set ourselves up for a trap, unless they included off budget items in the spending reductions.
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Indeed. Could put into the legislation some kind of clause to where if off budget items occur that put the total expenditure above the point required by the agreement then people will recieve a tax credit on that years tax return of the amount they were erroniously taxed.

IE, they authorize off budget emergency spending that raises it over the say, 5% reduction that was required of them. The next time income taxes roll around you get that extra 5% you were taxed BACK in your tax return since they failed to uphold their end of the bargain.
 
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