The Tea Party myth that Americans are suffering under an oppressive tax-raising regime of President Obama, is just that– a myth.
Yesterday, the nonpartisan Congressional Budget Office (CBO) provided the numbers that back up Obama’s claim that he has lowered taxes over the last two years. The AP reports:
“As 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 although 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.”
