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.