Ed Shultz is on his game of late. The below video provides numbers on President Obama and taxes, and its both heavy and arduous. Taxes are the lowest they have been is sixty years. Huh!? Are you sure NFTOS?
Taxes too high? Actually, as a share of the nation's economy, Uncle Sam's take this year will be the lowest since 1950, when the Korean War was just getting underway.
And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a growing number of tax breaks for the wealthy and poor alike.
Income-tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency.
Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office.
The poor economy plays a role in the blame game, with corporate profits down and unemployment up. But so is a tax code that grows each year with new deductions, credits and exemptions
In the next few years, many can expect to pay more in taxes. Some increases were enacted as part of President Barack Obama's health care overhaul. And many states have raised taxes because — unlike the federal government — they have to balance their budgets each year. State tax receipts are projected to increase in all but seven states this year, according to the National Council of State Legislatures.
But in the third year of Obama's presidency, federal taxes are at historic lows. In the current budget year, federal tax receipts will be equal to 14.8 percent of gross domestic product, the lowest level since Harry Truman was president.
Why the tax bite has eased:
Stimulus law. One-third of last year's $862 billion economic stimulus went for tax cuts. Biggest reduction: The Making Work Pay tax credit reduced income taxes $800 for married couples earning up to $150,000.
Progressive tax rates. Presidents Clinton pushed through a series of tax changes — credits, lower rates, higher exemptions — that slashed income taxes for poor and middle-class families. A drop in income now can trigger big tax breaks and sharply lower rates, sometimes falling to zero.
Sales tax. Consumers cut spending sharply in this downturn, thereby paying less in sales taxes.
A Gallup Poll last month found that 48% thought taxes were "too high" and 45% thought they were "about right." Those saying taxes are "too high" remain near a 50-year low.
The lower tax burden should last at least through mid 2011, says Roberton Williams of the Tax Policy Center, a think tank in Washington, D.C. "Virtually all the stimulus tax cuts expire at the end of the year," he says. "So the key decision is whether to extend them into 2011."
No matter how you "slice" it, it's obvious no one is going to modify the radical rightie social engineering tax, budget, warfare crap.
Republicans have added another layer of stupidly and absurdity to the "Obama raises taxes" ideology, although at some point and time to balance the budget taxes should and will have to increase.
The question isn't whether tax cuts or tax increases are always the right answer. The question is at what level of taxes do we stimulate the economy, collect enough revenue to run a functioning government and let people keep as much of their income as we can. No one wants to pay more in taxes personally. We just need to find the right balance so that everyone wins.
NFTOS
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