Barack Obama, Election 2012, Mitt Romney, Politics, Taxes -

Under Obama, tax rates at lowest level in 30 years

Barack Obama, Election 2012, Mitt Romney, Politics, Taxes -

Under Obama, tax rates at lowest level in 30 years

A Congressional Budget Office report released this week showed federal tax rates for Americans are at their lowest level in 30 years, giving weight to President Obama’s argument that he has actually cut taxes while in office, even as conservatives cast him as eager to raise them.

“The overall average federal tax rates of 18.0 percent in 2008 and 17.4 percent in 2009 were the lowest in the 1979–2009 period and were well below the previous low of 19.4 percent in 2003 and the average of 21.0 percent over that period. For most income groups, the 2009 average federal tax rate also was the lowest observed in the 1979–2009 period,” the agency said.

That number includes all federal taxes, including those for income and Social Security and Medicare. The CBO attributed the low rate in part to tax cuts pushed through by the president in 2009.

The report comes as the president is now pushing to increase taxes on income over $250,000 a year for American families, which Republicans oppose.

Here’s the full report:

The post Under Obama, tax rates at lowest level in 30 years appeared first on theGrio.


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