Top of the Morning

Top of the morning

Here’s something you may not hear much about as the tea partiers come to Raleigh today to demonstrate at the opening of the General Assembly session. Tax bills are lower than they have been in sixty years.

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.

One of the reasons that tax bills are so low is the tax cuts in the last year’s federal stimulus bill, you know, the one all the tea partiers demonstrated against.

5 Comments

  1. Rob Schofield

    May 12, 2010 at 7:58 am

    Which, of course, partially explains the size of the deficit.

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  3. Dave Burton

    May 13, 2010 at 3:13 am

    This is complete nonsense. Social Security, alone, takes more than that — about 15% (half of it hidden from most workers, as an “employer contribution”).

    Plus 7.75% in NC sales tax on most items (less on some, more on others). Plus income taxes (state and federal, corporate & personal), property taxes, gasoline taxes, alcohol & tobacco taxes, import duties, unemployment insurance taxes, license fees (driving, car registration, professional licenses, privilege licenses, etc.), the new ObamaCare tax on economic desperation (they doubled the penalty from 10% to 20% on non-exempt distributions from HSAs, a tax which will ONLY be paid by by people in desperate economic straits, and to rub salt in the wound they restricted what is exempt).

    In fact, Americans pay about 27% of their income in taxes — not counting inflation (a hidden tax on savings, due to debasing the currency) and the budget deficit (which will eventually have to be paid for). See:
    http://www.taxfoundation.org/taxfreedomday/

  4. Dave Burton

    May 13, 2010 at 3:13 am

    This is complete nonsense. Social Security, alone, takes more than that — about 15% (half of it hidden from most workers, as an “employer contribution”).

    Plus 7.75% in NC sales tax on most items (less on some, more on others). Plus income taxes (state and federal, corporate & personal), property taxes, gasoline taxes, alcohol & tobacco taxes, import duties, unemployment insurance taxes, license fees (driving, car registration, professional licenses, privilege licenses, etc.), the new ObamaCare tax on economic desperation (they doubled the penalty from 10% to 20% on non-exempt distributions from HSAs, a tax which will ONLY be paid by by people in desperate economic straits, and to rub salt in the wound they restricted what is exempt).

    In fact, Americans pay about 27% of their income in taxes — not counting inflation (a hidden tax on savings, due to debasing the currency) and the budget deficit (which will eventually have to be paid for). See:
    http://www.taxfoundation.org/taxfreedomday/

  5. Dave Burton

    May 15, 2010 at 12:53 pm

    Sorry about the double post… dunno how it happened.