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CBO: Fed tax rates hit historic low
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Jul 11, 2012 08:38am |
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| Category | Report |
| Author | TIM MAK |
| News Date | Wednesday, July 11, 2012 02:00:00 PM UTC0:0 |
| Description | The average tax rates for American households reached a historical low in 2009, according to a report issued by the non-partisan Congressional Budget Office.
Indeed, federal taxes for American households averaged 17.4 percent in 2009, a historical low over the 1979 to 2009 period.
The tax paid by households ranged from 1 percent in poorest fifth of Americans, to 23.2 percent in the wealthiest fifth. The much-talked-about top one percent of the United States paid a 28.9 percent average federal tax rate.
Meanwhile, average before-tax income fell drastically between 2007 and 2009, a clear sign of the recession that struck the United States due to the 2008 financial crisis. |
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