many protesters implicitly assume that that the deficit has increased solely as a result of Barack Obama's policies. But in fact, the Congressional Budget Office was projecting a deficit of more than $1 trillion this year back in January, before any of Obama's policies had been enacted, and a cumulative deficit of $4.3 trillion through 2019. (CBO made no assumptions about what his policies might be in making its projection.) Full Story »
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Informative commentary about U.S. taxes by Bruce Bartlett, former Treasury Department economist. The author makes a reasonable argument to suggest that Americans aren't more heavily taxed now than in earlier years, and that the recent tax protests are not grounded on factual evidence. To back his point, he cites Tax Policy Center data showing that the federal income tax rate has decreased by nearly half since before the Reagan tax cut to 5.9%. While this overview doesn't cover all aspects of the protester's claims, it provides a good introduction to some key facts and insights about U.S. taxation.
