According to USA Today, Americans paid the lowest level of taxes last year since 1950, saying
Some conservative political movements such as the "Tea Party" have criticized federal spending as being out of control. While spending is up, taxes have fallen to exceptionally low levels.According to these "facts", none of the taxes generated with the sale of a new Toyota, not one dollar, none, are included in the purchase price or reduce the value of a Toyota share sold. As far as taxes are concerned, Apple's iPad is immaculately conceived and priced. None of the billions in fuel taxes paid by truckers, delivery services or airlines are passed onto individuals, either in product pricing or equities. And, finally, why worry about the costs of the Wall Street bailout or Obamacare, since no American will be picking up the burden.
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.
What trash. What a fantasy web Dennis Cauchon weaves.
Thank our lucky stars for the Tooth Fairy, the one who invisibly picks up the other two-thirds of the tab.
USA Today, the home of fantasy economics.