Taxes Still Lower Under Obama Than Bush
One of the biggest criticisms of the Obama administration from the right is that he is somehow mandating “socialism,” redistributing wealth by stealing money from the rich via taxes.
But the numbers just don’t mesh with the accusation — as the Associates Press points out, everyone is paying less in taxes than they were under President George W. Bush.
Via Think Progress:
[T]he AP reports:
[A]s a share of the nation’s economy, Uncle Sam’s take this year will be the lowest since 1950. [...] 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. [...]
But in the third year of Obama’s presidency, federal taxes are at historic lows. … in the current budget year, federal tax receipts will be equal to 14.8 percent of the Gross Domestic Product, or GDP, the lowest level since Harry Truman was president.”
The AP adds that even though federal income tax rates have remained unchanged, “many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor.”
Will this stop the Tea Party meme that Obama is raising taxes? It hasn’t these last three years, why would it now?