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Wednesday, July 11, 2012

In 2009, Americans Paid Lowest Tax Rates in 30 Years to Federal Government

A sharp decline in income — especially among the wealthiest Americans, who pay the highest tax rates — also played a role, according to the report by the nonpartisan Congressional Budget Office. Household income fell 12 percent on average from 2007 to 2009, with income among the top 1 percent of earners decreasing by more than a third. (Washington Post)

Fine.  Now what about spending?

FEE Timely Classic

What Spending and Deficits Do” by Henry Hazlitt