It may not feel like it, but it turns out that you are paying really low taxes right now, the lowest in 60 years, in fact, according to a new analysis of Federal data.
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.
…This tax drop has boosted consumer spending and the economy, which grew at a 3.2% annual rate in the first quarter. It also has contributed to the federal debt growing to $8.4 trillion.
Hm, what thinks that group of folks who enjoy the communual drinking beverages prepared from the boiling of cured leaves?
The real problem is spending, counters Adam Brandon of FreedomWorks, which organizes Tea Party groups. “The money we borrow is going to be paid back through taxation in the future,” he says.
Might want to rethink that “Taxed Enough Already” slogan though.