USA Today‘s Dennis Cauchon:
Federal, state and local taxes — including income, property, sales and other taxes — consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.
“The idea that taxes are high right now is pretty much nuts,” says Michael Ettlinger, head of economic policy at the liberal Center for American Progress.
Who was in charge when the country had its last budget surplus? Bill Clinton (D). Who was in charge when it (quickly) ended and we reached the highest deficit in history? George W. Bush (R). Who is in charge now that we have the lowest taxes in six decades? Barack Obama (D).
Who nearly bankrupt the Commonwealth of Virginia with spending? A long line of Republican governors. Who slashed spending and got the state back in the black? Mark Warner (D).
So do we all understand the notion of ‘tax and spend liberal’ is a boogeyman? I sure hope so. (via Gruber)