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.
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.
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