Our Taxes Are the Lowest They've Been in 60 Years
According to the Bureau of Economic Analysis, the amount we pay in taxes relative to income is at an historic low:
This is partly because of the stimulus bill, which included tax breaks. It's also because of declining incomes and declining consumption. And the Tea Party outrage over our onerous tax burden continues.
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.