Wednesday, November 25, 2009

Why the U.S. is Broke... Personal Current Tax Edition

Always lots of interesting information within the Personal Income and Outlays release. Here is one such area... personal current taxes, which:

Includes taxes paid by persons on income, including realized net capital gains, and on personal property.
For all we complain about taxes, our current rate as a percent of personal income is a measly 8.8% down a whopping 60% from 2000 levels.

In real per capita space, while our economy has grown 62% per capita since 1979, personal current taxes paid (again in real per capita terms) is only up 13%.

And we wonder why our country is so indebted?

Source: BEA