Taxes.

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Presentation transcript:

Taxes

Why Do We Have Deficits?

Why Do Americans Think Taxes are High? Because their wages (income) is stagnant

Taxes as A Percent of GDP Currently, federal taxes amount to 14.4% of GDP—the lowest level since 1950. If you add in all state and local taxes, the rate is 27%--the lowest in forty years. Currently, the first $70,000 in taxable income (after deductions) is 13.8%. The one group of Americans earners who have seen the lowest drop in rate of taxes is those who earn $75 to $300,000 a year. Why don’t we deal with deficits by cutting spending? The public does not support cuts. They want current levels and even better levels of services, but want taxes to decline. The public supports cuts in a few areas like foreign aid, but that type of expenditure is a very small part of the federal budget.