Analysis finds U.S. tax burden lowest since 1958

@shinobinoz Said

Bureau of Economic Analysis data shows that Americans are now paying 23.6 percent of their income to cover federal, state and local taxes. In the 1970s through 1990s, they were paying about 27 percent of their income in taxes.

Taxing at that rate today, USA Today reports, "would mean $500 billion of extra taxes annually today, one-third of the estimated $1.5 trillion federal deficit this year."
https://www.cbsnews.com/8301-503544_162-20060440-503544.html

@shinobinoz Said

Bureau of Economic Analysis data shows that Americans are now paying 23.6 percent of their income to cover federal, state and local taxes. In the 1970s through 1990s, they were paying about 27 percent of their income in taxes.

Taxing at that rate today, USA Today reports, "would mean $500 billion of extra taxes annually today, one-third of the estimated $1.5 trillion federal deficit this year."
https://www.cbsnews.com/8301-503544_162-20060440-503544.html

@shinobinoz Said

Paul Ryan would cut taxes for the wealthy at the middle classes expense.
https://www.tnr.com/blog/jonathan-chait/87123/yes-paul-ryan-does-cut-taxes-the-rich

@Junkyard_Jim Said

Time wrote an opinion piece in 2010 regarding this very subject and the government bureau whom you cite. Their author considered it to very much be open to creative construction of the report writers. You cite the data as if its sacrosanct when it left out many taxes being paid by most taxpayers and didn't address who is paying and how much. https://curiouscapitalist.blogs.time.com/2010/05/12/are-taxes-at-a-60-year-low/

Tax revenues are actually rising. https://govpro.com/news/tax-revenues-20110413/

The proposal to simply up the take from the wealthy is not going to work. The US needs tax reform badly. All taxes are a drag on an economy and a tax system should be easy to follow and the amount determined without all the special exemptions, etc. that are in our current systems. https://www.heritage.org/issues/taxes

@Junkyard_Jim Said

Actually, Ryan's plan is pretty comprehensive, lowers taxes overall and raises government revenues. Here's a more recent side of that coin from a not so progressive and liberal media site as your New Republic rag. https://dailycaller.com/2011/05/04/ryans-tax-plan-trumps-his-spending-plan/

@shinobinoz Said

Bureau of Economic Analysis data shows that Americans are now paying 23.6 percent of their income to cover federal, state and local taxes. In the 1970s through 1990s, they were paying about 27 percent of their income in taxes.

Taxing at that rate today, USA Today reports, "would mean $500 billion of extra taxes annually today, one-third of the estimated $1.5 trillion federal deficit this year."
https://www.cbsnews.com/8301-503544_162-20060440-503544.html

@shinobinoz Said


Where did I portray it as sacrosanct?
& did you even bother to read your link?
I'd guess not. So here is the beef of that in your link (which bolstered the link I posted)

"Despite these problems of data definition, the headline's claim about 2009 being a year of historically low taxes isn't far off... Total taxes divided by a broad income measure, NNP (which is somewhat close to personal income), had a rate of about 26.6 percent in 2009, which was the lowest since 1959."

And I've stated several times that we need to reform the tax code. YOU have not addressed the underlying conditions however- and most certainly giving tremendous tax breaks to the wealthy have been a very big part of the financial situation.

As far a tax revenue rising? You got confused- and this is a good thing- your link points out that the economic recovery is underway- thus more revenue. I was posting about tax percentages! Tax percentages are at a lowest percent since 1959 or 1958 depending on the source and how it was calculated. Thanks for MAKING my points!


The question?
What to do about aging infrastructure, aging population, larger population, without cutting past the fat, muscle and getting into the bone?

Less taxes on the rich & more burden on the middle class with draconian cuts to the social safety net is NOT the answer.

@shinobinoz Said

Nah! Just more supply-side s*** that has never worked. It reduces taxes exactly where it needs to be raised. On the un-earned income of the ubberwealthy.

Not to mention that Ryan's plan runs a deficit until 2031 or so.

President Obama would do well to bring President Clinton on board for reducing the deficit fast.

@shinobinoz Said



The question?
What to do about aging infrastructure, aging population, larger population, without cutting past the fat, muscle and getting into the bone?

Less taxes on the rich & more burden on the middle class with draconian cuts to the social safety net is NOT the answer.

@Junkyard_Jim Said

Wow! I don't know what impresses me more, that you have such a need to go after people's incomes or that you are able to read and translate media in the way you do. Ah, maybe both.

@Junkyard_Jim Said

As long as this government is spending at its current rate, no sane taxpayer will support tax increases on anyone. https://newsbusters.org/blogs/tom-blumer/2011/05/08/cbo-spending-past-3-months-poised-top-1-trillion-will-be-news

@shinobinoz Said

Much of that debt is interest on the tax rebates that Bush & Obama gave back (mainly to the ubber-wealthy).

Might like this....or not.
"A report from Fortune 500 on Thursday said that for 2010, corporate profits grew by 81% to a total of nearly $10.8 trillion. If Republican claims were true, corporations and businesses should be expanding and hiring new employees to keep up with the demands for the goods and services being produced, but they are not. The record profits should also mean the government revenue is up but Republicans are unwavering in their objection to tax increases on corporate wealth. It is particularly infuriating that many of the record-setting profits went to corporations that paid nothing in taxes and in some cases, received taxpayer money in the form of rebates, incentives, and government bailouts."
https://www.politicususa.com/en/tax-cuts-trickle-down

@Junkyard_Jim Said

Time wrote an opinion piece in 2010 regarding this very subject and the government bureau whom you cite. Their author considered it to very much be open to creative construction of the report writers. You cite the data as if its sacrosanct when it left out many taxes being paid by most taxpayers and didn't address who is paying and how much. https://curiouscapitalist.blogs.time.com/2010/05/12/are-taxes-at-a-60-year-low/

Tax revenues are actually rising. https://govpro.com/news/tax-revenues-20110413/

The proposal to simply up the take from the wealthy is not going to work. The US needs tax reform badly. All taxes are a drag on an economy and a tax system should be easy to follow and the amount determined without all the special exemptions, etc. that are in our current systems. https://www.heritage.org/issues/taxes

@Junkyard_Jim Said

Tax revenues are actually rising. https://govpro.com/news/tax-revenues-20110413/

@Junkyard_Jim Said

As long as this government is spending at its current rate, no sane taxpayer will support tax increases on anyone. https://newsbusters.org/blogs/tom-blumer/2011/05/08/cbo-spending-past-3-months-poised-top-1-trillion-will-be-news