By one measure, federal taxes lowest since 1950

[Viva_La_Revolution]

Source: AP

Actually, as a share of the nation's economy, Uncle Sam's take this year will be the lowest since 1950, when the Korean War was just getting under way.

And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and poor alike.

Income tax payments this year will be nearly 13 percent lower than they were in 2008, the last full year of the Bush presidency. Corporate taxes will be lower by a third, according to projections by the nonpartisan Congressional Budget Office.

Read more: http://hosted2.ap.org/APDefault/*/Article_2011-02-07-Lower%20Tax%20Bills/id-b5e2411175ab45b196769d1244425694

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Better headline..
"For 3rd straight year, U.S. families, businesses will pay less in federal taxes than under George W. Bush"

[Demeter]

1. Impoverished People and Bankrupt Businesses Don't Pay Taxes

QED

[bluestateguy]

2. Well, at least that talking point will make for a nice Obama campaign ad

Good policy? That's another matter.

[underpants]

3. Nothing new - everyone laughed at the Tax Day "protests" last year

as the tax rate was the lowest as it has been in 60 years.

[stevedeshazer]

4. +1

This is fiscal insanity.