Wednesday, September 2, 2015

US tax rates lowest since 1970s, but income fell faster: report

Cutting taxes hasn't meant rapid growth, says the CBO

US tax rates lowest since 1970s, but income fell faster: report

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Average before-tax income fell 12% for US households from 2007-09, with rich people falling more -- by 36% for the richest 1%, says the Congressional Budget Office here.

Meanwhile, "the average federal tax rate—that is, households’ federal tax liabilities divided by their income (including transfer payments) before taxes—was 17.4 percent in 2009" (ranging from 1% for the poorest to 29% for the top 1%, the lowest since before Ronald Reagan was president in the early 1980s and well below the 21% average over the past 30 years.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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