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Friday, April 30, 2010

Taxes aren't so high


The Historical Buzz: The percentage of income that we pay in taxes has been going down for half a century. This year, Americans paid 26.89 percent of their income for all taxes, according to the Tax Foundation. In 2000 we paid 32.98 percent, in 1990 we paid 30.4 percent, in 1980 we paid 30.4 percent, in 1970 we paid 29.6 percent, and in 1960 we paid 27.7 percent. You have to go back to 1950 to find a time when the tax burden was lower (24.6 percent).

The Higher Rate Buzz: Also, much less income redistribution is going on today than in your father's or grandfather's day. Consider the top bracket of the federal income tax, which now stands at 35 percent. In 2000 it was 39.6 percent, in 1980 it was 70 percent, in 1960 it was 91 percent, in 1950 it was 84 percent, and in 1920 it was 73 percent.

Well, well, how much I have forgotten so quickly.

Location:Westgrove St,Raleigh,United States

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