Under Obama, tax rates at lowest level in 30 years | African-American News and Black History

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.


Leave a comment

Related Posts

Black Women’s Intellectual Traditions: Speaking...
Black Women’s Intellectual Traditions: Speaking...
Go To Post     Black Women’s Intellectual Traditions: Speaking Their Minds by Anna Julia Cooper (E-Book) Winner of t...
Read More
New Paperback and Digital books...
New Paperback and Digital books...
Go To Post     New Paperback and Digital books in stock now! Link: UnitedBlackLibrary.org/New! #BlackLiterature #B...
Read More
Black Sexual Politics: African Americans,...
Black Sexual Politics: African Americans,...
Go To Post     Black Sexual Politics: African Americans, Gender and The New Racism Available at UnitedBlackBooks.org...
Read More
@19_keys The ancestors I be...
@19_keys The ancestors I be...
Go To Post     @19_keys The ancestors I be speaking about that didn’t die for my right to vote, they lived for my rig...
Read More

Tags