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  • Chart of the Week: Tax Burden Is Rising to Highest Level in History

    President Obama will meet with congressional leaders tomorrow to resume talks on the debt limit. The rare Sunday meeting between top Republicans and Democrats could signal the start of “hard bargaining” after Thursday’s debt talks left the parties far apart.

    While Democrats want tax increases on the table in debt negotiations, Republicans have reiterated their “no tax-hike” stance — a position they reiterated following yesterday’s unemployment report that revealed only a measly 18,000 jobs were created last month.

    If that isn’t enough reason to keep Democrats from proposing tax increases, perhaps the ambiguity of our nation’s economic future is.

    Americans are set to face the highest tax burden in history. Families will be hit by unprecedented taxation levels by 2020 without the extension of current tax rates. This means more economic stagnation and less prosperity.

    The  American Legislative Exchange Council has found that higher taxes, new spending, and more debt will deepen the financial crisis. If tax hikes are included in any sort of deal, it is only a matter of time before workers, employers and the entire nation are burdened by more than they can handle.

     

    Posted in Scribe [slideshow_deploy]

    14 Responses to Chart of the Week: Tax Burden Is Rising to Highest Level in History

    1. M/M J. C. Mac Neil says:

      Good job Abby White! Very uinderstandable.

    2. Bonnie Kuntz says:

      Paul Ryan and his Path to Prosperity is a great beginning.

      • George Colgrove, VA says:

        Paul Ryan's Path to Prosperity will require a trillion dollar deficit in 2012. It does not service the entire debt – thereby rolling over $150 billion into debt. Ryan's budget will need at least the $2 billion raise in the debt ceiling to cover this years deficit spending and his deficit spending through the end of september 2012. The Heritage Foundation is a little better than Ryan;s as they have carved just a tiny buit more. Both Ryan and Heritage Foundation keeps heathcare as a government program and does not change social security. Good start? Unless you want to call the first 10 steps of a 10 mile walk a good start, these plans are more of the same and do not represent real change. We need to cut $1.5 trillion fron the annual budget to get to a balanced budget. This is $15 trillion in 10 years to use the political language.

        • George Colgrove, VA says:

          When they say $4 trillion in 10 years, what they mean is they will "cut" $50 billion this year ($500 billion in 10 years) with promices to cut more in subsequent years so that all total cuts will equal $4 trillion in the 10 year block. The average annual cut will be $400 billion ($1.1 trillion short of what we need to do.) In reality, once we agree to this "plan", they will give us a couple years of it, then reneg on it by stopping way short. That is why the intial cuts are small – as can be seen in both Ryan's plan and the Heritage Foundations plan.

    3. Verto999 says:

      Well there is half a truth, the administration is trying to raise the taxes by 4% for any amount over 250k, 500 if married, so the 1st 250k will not be affected. But, hey, why should you actually include the whole story when you can inflame people with "tax hikes for everyone". So the middle class Americans would not have an increase to their AMT.

    4. USuncutMN says:

      OH, yeah. How come you only show back to 1975?

      Under Eisenhower the tax rate was much, MUCH higher and we had .. wait for it .. PROSPERITY, infrastructure, well educated people.

      Get real and get rid of your PAC money. Money outta politics.

      • Erik says:

        You are right. No campaign contributions for everyone. Everyone gets the same amount and use debates to get their messages out. No PACs , No SuperPACs, no outside campaigning. Get special interests and corporations out of controlling politics. These politicians are supposed to represent the people!!!

    5. George Colgrove, VA says:

      Where the Americans are on the shoreline at the very extent at Waves, NC 27972 (Outer Banks), NC and where Obama has fallen off the western cliff of Sugarloaf Island, CA, the Republicans are wandering aimlessly in Illinois. If we do not see any leadership by the GOP soon, we will be over $2 trillion more in debt by next September. This is not politics, this is criminal neglect.

      This weekend the pundants promoted the idea that all the teaparty people want was to REDUCE the GROWTH of government. Meaning what we want is to allow the government to grow – but just slower. WHAT!?!?!?

      • George Colgrove, VA says:

        We need to keep these people in check. WHAT WE WANT IS A BALANCED BUDGET IN 2012 (Actually now would be nice as well!) We do not want tax increases as well. What this means – like it or not – is to SHRINK the size of govenment – by a lot!!! For you remedial minded media people this means what ever government is today, what we want tomorrow is something that would take up MUCH LESS space!

        What did the GOP do? They increased the budget for the DoD!! With all that we have shown in DoD waste, fraud, duplicative programs and so on (by up to $100 billion!) – the DoD budget went up by $17 billion. Whoa!!! These guys just do not get it. Now it will go to the Senate where they will negotiate an increase in entitlements to keep the war mongers wishes alive. What this is is the same old game that got us into the mess we are in. So far the winners are the DoD feds and the Defense contractors. The American People lost out again.

    6. bytejockey says:

      Senator Rand Paul's five year budget is still the only balanced budget proposed in Congress.
      http://www.campaignforliberty.com/blog.php?view=4

    7. Joe Putman says:

      I hear the stats that only the top earning half of us pay income taxes. I also hear the statistic that less than 70% of us pay more in taxes than we receive in benefits. I believe we got there by conceding massive cuts to the middle and lower economic classes in order to get bipartisan support for the Bush tax cuts. We would probably be better off with an additional 1-2 percentage points added to all tax brackets in order to more completely share the burden of running the country among all economic classes.

      We are in a budget crisis right now that seems like a bipartisan agreement to raise some revenue will be necessary in addition to deep spending cuts, yet Obama doesn't want to let the Bush tax cuts to expire except for on the $250+ earners. If we do that, the vast majority of voters will have no direct benefit to any new income tax break package and so it is unlikely we can get one passed any time soon as it will seem like it is something to only benefit the rich. I propose Republican leaders should propose a 1-2% raise on everyone earning more than $25,000 per year, instead of a much steeper increase on a tiny percentage of us. If we can't get that but must raise rates, Republicans should insist on allowing the Bush tax cuts to expire for everyone with the objective of having something to offer the lower economic classes in future tax reduction packages.

      So I suggest Boehner insist that Democrats consider a 1% – 2% increase for almost all of us with the backup strategy of insisting if the Bush tax cuts are allowed to expire, they expire for us all. Then we should have an easier time getting a more equitable tax package agreed on in the future.

    8. Rich says:

      In reality, government revenue as a percent of GDP is at its lowest level in the postwar era.

      Only a liar could twist that reality to claim that Obama is taxing Americans too much.

      Yes! I am saying Abigail White is a liar.

    9. Bob says:

      You are aware that even that chart, produced by the hard-right Heritage Foundation, shows that the current tax burden is the lowest since at least 1975. Clearly, what is needed is higher taxes, not lower.

    10. simon says:

      I love how a graph that clearly shows that americans currently have the lowest tax rates in history is titled "Total Tax Burden is Rising to Highest Level in History".

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