Read it and weep, then remember that Pres. Obama and the Democrats are a big part of this problem today, beyond what the graph illustrates. They’re the ones who not only initially caved on extending the Bush tax cuts, but adopted the Republican economic model of cutting spending and taxes, taking up the Right’s narrative. We should all know the Republicans are hopeless on fiscal and economic matters, because they can’t add.
This diminished tax burden on the wealthiest has contributed to the historically low federal revenue levels we are seeing today, and in turn, to higher deficits. The Congressional Budget Office projects federal revenue in 2011 will total 14.8% of GDP—the lowest level since 1950. At the same time that the tax burden has shifted away from the wealthy, this same top income group has enjoyed massively disproportionate income gains. Between 1992 and 2007, a time in which income for the average household and top one percent grew 13% and 123%, respectively, the income for the top 400 households grew fully 399%. – Taxes on the wealthy have gone down dramatically, Ethan Pollack Rebecca Thiess
The Clinton and Bush years were awfully good for the fat cats.
That Pres. Obama didn’t decide to make the Democratic argument until he was running for reelection and speaks for itself.
Russia defaulted on its debt in 1998 because no one paid tax. In the US the rich rig the game so they don’t have to pay, or at least not much (large corporations, not at all). So for the rich and the Fortune 500 we have CINO (tax compliance in name only).
Yeah, but we all did well during the Clinton years so people didn’t care so much about what was going on with the wealthy. Now these same wealthy are forcing austerity on the rest of us.
I loved Bill Maher’s MIDNIGHT Tweet last night welcoming in Tax Day in America…
Bill Maher: “Its officially tax day! Or as its known at General Electric, *Friday*”