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The Lowest Taxes In 30 Years

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#1
1quasar1

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In 2009, Americans paid lowest tax rates in 30 years to federal government

By Lori Montgomery, Published: July 10

Americans paid the lowest tax rates in 30 years to the federal government in 2009, in part because of tax cuts President Obama sought to combat the Great Recession, congressional budget analysts said Tuesday.

A sharp decline in income — especially among the wealthiest Americans, who pay the highest tax rates — also played a role, according to the report by the nonpartisan Congressional Budget Office. Household income fell 12 percent on average from 2007 to 2009, with income among the top 1 percent of earners decreasing by more than a third.
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(The Washington Post/Source: Congressional Budget Office) - Average federal tax rates

Still, at the very moment anti-tax protesters were emerging as the most powerful force in American politics, handing Republicans landslide control of the U.S. House, the data show that people were sending the smallest portion of their income to the federal government since 1979.

During Obama’s first year in office, the average tax rate paid by all households fell to 17.4 percent, down from 19.9 percent in 2007, according to the CBO. The 2009 rate was significantly lower than the previous low of 19.4 percent in 2003 and well below the 30-year average of 21 percent.

The tax burden — which includes all forms of federal levies, including income, payroll and corporate taxes — lightened for households across the board, the result in part of Obama’s signature “Making Work Pay” tax credit and other tax cuts passed as part of the 2009 economic stimulus package, the CBO said.

The lowest fifth of earners benefited the most, sending just 1 percent of their before-tax income to the federal government in 2009, compared with 5.1 percent in 2007. The top fifth of earners paid 23.2 percent, compared with 24.7 percent in 2007.

The average federal income tax rate also reached a new low, settling at 7.2 percent in 2009 — two points lower than in 2007, the CBO said. Although detailed data are available only through 2009, the CBO said more recent estimates suggest that effective tax rates remained at historically low levels in 2010 and 2011.

“However much Republicans try to perpetuate false claims, the facts speak for themselves: Tax rates have never been lower than under President Obama,” said Rep. Sander M. Levin (Mich.), the senior Democrat on the House Ways and Means Committee, which has jurisdiction over taxes.

Michelle Dimarob, spokeswoman for Ways and Means Chairman Dave Camp (R-Mich.), countered: “Under President Obama and the Democrats who control Washington, Americans have lost their jobs, seen their wages decline and fallen into lower tax brackets. A weak economy and fewer jobs is nothing to cheer about.”

Besides, Republicans said the low rates won’t last long if Obama wins reelection and follows through on his pledge to let the George W. Bush-era tax cuts expire for the roughly 2 percent of households that make more than $250,000 a year, a group that includes many business owners and investors.

Obama reiterated that pledge Monday, urging lawmakers to act now to extend the cuts through 2013 for the vast majority of households. The cuts, enacted in 2001 and 2003, are scheduled to expire in January.

“Despite yet another disappointing jobs report on Friday, he doubled down on that tax hike,” said Michael Steel, a spokesman for House Speaker John A. Boehner (R-Ohio).

White House spokeswoman Amy Brundage took credit for the low tax rates while acknowledging the recession’s broader toll.

“While the President has fought since day one to cut taxes for the middle class by a total of $3,600 a year, Americans are still fighting to make ends meet,” she said by e-mail. “That’s why the President won’t rest until Congress acts to extend the tax rates for the middle class.”
http://www.washingto...5bbW_story.html
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#2
malo

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The number of households not paying any tax at all... I wonder where that number is?
Is that figured into the figures in this story? I notice they don't mention it.
Statistics are so easy to manipulate it's not even funny.
Also, at the end of fiscal year 2009, Obama would only have been in office for 7-8 months.... how much credit can he really take for that?
After that the results are "estimates suggest" neither word is very concrete.
I could estimate that I'm going to give you 10 dollars, but in reality I'm only going to give you 4, because the price of a happy meal suggests that you won't need more than that to stifle your hunger.
I could find statistics to prove just about anything.... and dress it up with fancy words to make it sound good.
for example. In 2006 I had only one person I could call a friend. I was new to an area and was working nights. This friend died of cancer the next year. 100% of all my friends in 2006 died of terminal cancer. My working nights was a contributing factor.
Therefore, if I work only day shifts, then it will cut down on health costs and funeral directors will suffer.

Spin baby spin.....

Edited by malo, 16 July 2012 - 04:25 PM.

<p><span style="font-size:10px;"><strong><span style="font-family:'comic sans ms', cursive;"><span style="font-size:14px;"><span style="color:#006400;">Greed, for lack of a better word, is good. ~ Gordon Gekko</span></span></span></strong></span></p>
<p><span style="color:#0000ff;"><span style="font-family:arial, helvetica, sans-serif;"><span style="font-size:10px;"><strong><span style="font-size:14px;">To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.</span></strong></span></span></span></p>
<p><span style="color:#0000ff;"><span style="font-family:arial, helvetica, sans-serif;"><span style="font-size:10px;"><strong><span style="font-size:14px;">~ Thomas Jefferson</span></strong></span></span></span>

#3
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Approximately 60 percent of people with lower back pain have a quarter on their person.

Quarters cause lower back pain.

I think taxes should go up a little bit for every person. And I mean every person. Working or not.

Harte
Ignorance is preferable to error; and he is less remote from the truth who believes nothing, than he who believes what is wrong.
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Ubi dubium ibi libertas.

Gee, what a boring ass world it would be without the likes of us messed up whack job psycho arrogant motherfuckers who DONT BUY INTO EVERYTHING. Risata

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#4
malo

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Ooooooh, that's a good one. Props to you.
<p><span style="font-size:10px;"><strong><span style="font-family:'comic sans ms', cursive;"><span style="font-size:14px;"><span style="color:#006400;">Greed, for lack of a better word, is good. ~ Gordon Gekko</span></span></span></strong></span></p>
<p><span style="color:#0000ff;"><span style="font-family:arial, helvetica, sans-serif;"><span style="font-size:10px;"><strong><span style="font-size:14px;">To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.</span></strong></span></span></span></p>
<p><span style="color:#0000ff;"><span style="font-family:arial, helvetica, sans-serif;"><span style="font-size:10px;"><strong><span style="font-size:14px;">~ Thomas Jefferson</span></strong></span></span></span>

#5
1quasar1

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The number of households not paying any tax at all... I wonder where that number is?
Is that figured into the figures in this story? I notice they don't mention it.

That has nothing to do with the fact that you are paying lower taxes right now. Poor people haven’t been paying payroll taxes since they have no job or make so little that they need food first..The tax dodging Bastards! (Mitt Romney does it the rich way...like Swiss bank accounts and Cayman Island Tax Evasion Shelters)
Been that way long before this guy came along. Under this Administration you are enjoying a payroll tax cut..You cannot argue that unless you are payed under the table and then you pay no taxes at all. (the American way for some) The Bush tax cuts have not changed and you bring home more money out of your paycheck ‘Period’. There were tax credits for business’s hiring new employees and deductions for health care expenses for the self employed. Small business health insurance tax credit etc….

The SBA bill includes a series of small business proposals that the President put forth earlier this year (2010), and small businesses will start benefiting from the bill on day one. Among the many important provisions in the bill, twelve of the top benefits to small businesses are:
Extension of Successful SBA Recovery Loan Provisions —Immediately Supporting Loans to Over 1,400 Small Businesses: With funds provided in the bill, SBA will begin funding new Recovery loans within a few days of the President’s signature, starting with the more than 1,400 businesses – with loans totaling more than $730 million – that are waiting in the Recovery Loan Queue. In total, the extension of these provisions provides the capacity to support $14 billion in loans to small businesses. The SBA Recovery loan provisions have already supported $30 billion in lending to over 70,000 small business.
A More Than Doubling of the Maximum Loan Size for The Largest SBA Programs:The bill also increases the maximum loan size for SBA loan programs, which in the coming weeks will allow more small businesses to access more credit to allow them to expand and create new jobs. The bill will permanently raise the maximum size for SBA’s two largest loan programs, increasing the maximum 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing related loan from $4 million to $5.5 million. In addition, it will temporarily increase the maximum loan size for SBA Express loans from $350,000 to $1 million, providing greater access to working capital loans that small businesses use to purchase new inventory and take on their next order – allowing them to create new jobs.
A New $30 Billion Small Business Lending Fund:The bill would establish a new $30 billion Small Business Lending Fund which – by providing capital to small banks with incentives to increase small business lending – could support several multiples of that amount in new credit.
An Initiative to Strengthen Innovative State Small Business Programs – Supporting Over $15 Billion in Lending:The bill will support at least $15 billion in small business lending through a new State Small Business Credit Initiative, strengthening state small business programs that leverage private-sector lenders to extend additional credit – many of which have been forced to cut back due to budget cuts.
Eight New Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest: The President had already signed into law eight small business tax cuts, and on Monday, he is signing into law another eight new tax cuts that go into effect immediately.
Zero Taxes on Capital Gains from Key Small Business Investments:Under the Recovery Act, 75 percent of capital gains on key small business investments this year were excluded from taxes. The Small Business Jobs Act temporarily puts in place for the rest of 2010 a provision called for by the President – elimination of all capital gains taxes on these investments if held for five years. Over one million small businesses are eligible to receive investments this year that, if held for five years or longer, could be completely excluded from any capital gains taxation.
Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million. Prior to the passage of the bill, the expensing limit would have been $250,000 this year, and only $25,000 next year. This provision means that 4.5 million small businesses and individuals will be able to make new business investments today and know that they will earn a larger break on their taxes for this year.
Extension of 50% Bonus Depreciation: The bill extends – as the President proposed in his budget – a Recovery Act provision for 50 percent “bonus depreciation” through 2010, providing 2 million businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
A New Deduction of Health Insurance Costs for Self-Employed:The bill allows 2 million self-employed to know that on their taxes for this year, they can get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes. This provision is estimated to provide over $1.9 billion in tax cuts for these entrepreneurs.
Tax Relief and Simplification for Cell Phone Deductions:The bill changes rules so that the use of cell phones can be deducted without burdensome extra documentation – making it easier for virtually every small business in America to receive deductions that they are entitled to, beginning on their taxes for this year.
An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses:The bill temporarily increases the amount of start-up expenditures entrepreneurs can deduct from their taxes for this year from $5,000 to $10,000 (with a phase-out threshold of $60,000 in expenditures), offering an immediate incentive for someone with a new business idea to invest in starting up a new small business today.
A Five-Year Carryback Of General Business Credits:The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes – providing them with a break on their taxes for this year – while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.
Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business:The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount – which was criticized for imposing a disproportionately large penalty on small businesses in certain circumstances – to a percentage of the tax benefits from the transaction.

Statistics are so easy to manipulate it's not even funny.


Sooooo…. what Statisics would you use? I give you numbers and you give me rhetoric. Blah Blah Blah.

Also, at the end of fiscal year 2009, Obama would only have been in office for 7-8 months.... how much credit can he really take for that?


The numbers continue to be lower. That is just tha last overall picture. It did start with him when impementing the recovery act. So yeah…He gets the credit!

After that the results are "estimates suggest" neither word is very concrete.
I could estimate that I'm going to give you 10 dollars, but in reality I'm only going to give you 4, because the price of a happy meal suggests that you won't need more than that to stifle your hunger.
I could find statistics to prove just about anything.... and dress it up with fancy words to make it sound good.
for example. In 2006 I had only one person I could call a friend. I was new to an area and was working nights. This friend died of cancer the next year. 100% of all my friends in 2006 died of terminal cancer. My working nights was a contributing factor.
Therefore, if I work only day shifts, then it will cut down on health costs and funeral directors will suffer.

Spin baby spin.....


Holy cow… that was a grand argument ! All the spin comes from your ‘fact empty’ Obama bashing.
Is that all you have? Tell me what I just presented to you is false…. You can’t.
Don’t come into an argument without facts to back your statements. Makes you look silly


Ooooooh, that's a good one. Props to you.


Oh yeah Harte..That was so good. :wub: You said as much emptiness as Malo did, just in a more condensed version. I suppose the it's better for the nose that way... :rolleyes:

Come on guys :D Give me something I can chew on. This is too easy. Remember to bring some facts!

Obama Biden 2012!
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#6
dreamwalker

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Hey Nancy,

Just wanted to point out that the US credit rating was downgraded during your Messiahs watch. Not because the credit agencies felt that the US tax system was unfair. It was because of the unsustainable spending trend and what has actually been shown for it. It is a bit disingenuous to trump the "lowest tax rates" while your self admitted party is doing everything they can to increase taxes. What side are you on on the Bush tax cuts? Obviously you are a champion of the taxpayers. So I would assume you would want those tax cuts to continue and find more ways to cut spending so that the credit agencies and the rest of the world can quit rolling their eyes at us.
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#7
1quasar1

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Hey Nancy,

Just wanted to point out that the US credit rating was downgraded during your Messiahs watch. Not because the credit agencies felt that the US tax system was unfair. It was because of the unsustainable spending trend and what has actually been shown for it. It is a bit disingenuous to trump the "lowest tax rates" while your self admitted party is doing everything they can to increase taxes.

From one credit Agency! S&P...The same people who gave us the sub prime mortgage backed securities class a ratings. What a joke and a feeble attempt by the right wing puppet masters to bring down this President.
"They were wrong. Almost a year later, mortgage rates have dropped to record lows, the government’s borrowing costs have eased, the dollar and the benchmark S&P stock index are up, and global investors’ enthusiasm for Treasury debt has strengthened.
“The U.S. Treasury is still the widest, deepest and most actively traded in the world,” said Jeffrey Caughron, a partner at Baker Group LP in Oklahoma City, which advises community banks on investments of more than $40 billion. “That becomes all the more important when you have signs of weakening global economic growth and continued problems in Europe.”

Even in a slow recovery, the U.S. has unparalleled assets in the global market, including the size and resilience of its economy and the dollar’s standing as the world’s reserve currency. Low Treasury yields show that most investors think the U.S. government will meet its obligations, no matter how dysfunctional the political climate becomes in Washington."

http://www.bloomberg...uying-u-s-.html

What side are you on on the Bush tax cuts? Obviously you are a champion of the taxpayers. So I would assume you would want those tax cuts to continue and find more ways to cut spending so that the credit agencies and the rest of the world can quit rolling their eyes at us.
I would like the tax cuts expire for the upper 2 % and continue for the 98% at least until we are back running on our feet. But that said, it will only go one way or the other and in that choice I would choose, expire. We did very well under that set up under Clinton. I champion what is good for our country as a whole and I reject trickle down economics outright. Cuts in wasteful spending is a good argument to have. The old saying goes; one mans trash...


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#8
dreamwalker

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Yet the soon to be 16 trillion dollar debt is the looming issue. You can not pay this off through tax increases. It is a mathematical impossibility. So either cut spending or watch the collapse of the country. Nah screw it. Once the collapse comes you will see the true grandeur of your slippery slope ideology come to bear.
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#9
1quasar1

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Yet the soon to be 16 trillion dollar debt is the looming issue. You can not pay this off through tax increases. It is a mathematical impossibility. So either cut spending or watch the collapse of the country. Nah screw it. Once the collapse comes you will see the true grandeur of your slippery slope ideology come to bear.


Yeah, and just like all your other "prison planet" dire predictions have come true..I'll be waiting. To Larrf
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#10
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My "Prison planet dire" just happens to have a debt clock to back it up. You asked for facts. I brought them. Go ahead prove that the fifteen trillion plus debt doesn't exist. Better yet bring the "facts" as to how your Socialist Party's "spend more to save the country" idealism is suppose to address this specific issue. Chew as long as you want.
"I've got a silver spoon on a chain.. I've got a grand piano to prop up my mortal remains. I've got wide staring eyes. I've got a strong urge to fly!! But I've got nowhere to fly to."
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