Tax surprise?

A current news story reports what may be a surprise to most of us: U.S. taxes are at the lowest point since 1950!

But you are sure our federal taxes are still too high - and government is spending too much?

An explanation is due: Taxes are at their "lowest" since 1950 - as a share of the total national economy. Our economy is bigger now, even though it is stumbling somewhat. And tax revenue is way down because of the economic crisis.

This year, federal taxes will equal 14.8 percent of everything we produce in our nation. But the federal government is spending so much, it will still have to borrow 40 cents for every dollar it spends - adding to our $14 trillion national debt.

So don't you believe that federal taxing, spending and debt are all too high?

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