November 29, 2009

BARGAIN BASEMENT OBAMA:

Whither Revenues? (Bob Williams, 19 Oct 2009, Tax Vox)

Federal taxes in fiscal year 2009 claimed the smallest share of GDP since 1950—14.9 percent according to the Congressional Budget Office.

The revenue drop has many causes: tax reductions in this year’s economic stimulus, the collapse of the economy, and the Bush tax cuts from earlier in the decade.


Sure, it's amusing that the UR takes so little from us in taxes, but what's noteworthy is how narrowly the percentage varies, basically within 3% on either side of the long term 18%.

Likewise, it's worth noting how minimal our overall tax burden is in global perspective:

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Posted by Orrin Judd at November 29, 2009 8:24 AM
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