Consumer Law

Taxes Are High and Getting Higher, Right? Nope. Just the Opposite.

By Brian Wolfman

Tax policy generally affects consumers a lot, yet this blog has paid little attention to it. A USA Today analysis has found that the combined federal, state, and local tax bite recently hit its lowest point since the Truman Administration. Maybe that's because our leaders preferred to fund a large war without the citizens' consent or because we have neglected public investment in transportation, communications, and education. Here's an excerpt of the relevant USA article:

Federal, state and local taxes ? including income, property, sales and other taxes ? consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.

Full post as published by CL&P Blog on May 11, 2010 (boomark / email).