Friday, May 06, 2011

MORE EVIDENCE THAT THE U.S. IS UNDERTAXED

USA Today did an independent study of taxation in America and unlike the McClatchy study it included ALL taxes: Federal, State and Local.
U.S. tax burden at lowest level since '58
By Dennis Cauchon, USA TODAY
May 6, 2011

The total tax burden — for all federal, state and local taxes — dropped to 23.6% of income in the first quarter, according to Bureau of Economic Analysis data.

By contrast, individuals spent roughly 27% of income on taxes in the 1970s, 1980s and the 1990s — a rate that would mean $500 billion of extra taxes annually today, one-third of the estimated $1.5 trillion federal deficit this year.

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