Wednesday, May 12, 2010

Now What?

Via USA Today, we learn that taxes are at their lowest rate since Harry Truman was president.

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 (BEA) reports. That rate is far below the historic average of 12% for the past 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.

Of course, that won’t stop the tea party people from carrying on about something — sunspots, perhaps — and blaming it on President Obama.