Report: Americans Paid Lowest Tax Rates in 30 years under President Obama
Republicans have repeatedly claimed that President Obama has increased taxes on “millions of Americans,” but according to the latest data from the Congressional Budget Office (CBO), tax rates under Obama hit a 30-year low in 2009.
The CBO reports:
Americans paid the lowest tax rates in 30 years to the federal government in 2009, in part because of tax cuts President Obama sought to combat the Great Recession, congressional budget analysts said Tuesday...
During Obama’s first year in office, the average tax rate paid by all households fell to 17.4 percent, down from 19.9 percent in 2007, according to the CBO. The 2009 rate was significantly lower than the previous low of 19.4 percent in 2003 and well below the 30-year average of 21 percent.
Now, President Obama is proposing to restore tax rates on incomes higher than $250,000 (a tax rate still below the Clinton administration's tax rate) to where they were before the Bush tax breaks.