NEWS FLASH
REPORT: Total U.S. Taxes Low By International Standards | Republicans have ruled out any tax increases during the debt ceiling and budget debates. As Senate Minority Leader Mitch McConnell (R-KY) recently claimed, “We don’t have a revenue problem. We have a spending problem.” But revenues are actually at a 60-year low. And as former Reagan and Bush Economist Bruce Bartlett explains in the New York Times today, even when combining total federal, state, and local government taxes, U.S. taxes as a portion of the G.D.P. are very low by international standards and fall well beneath the Organization for Economic Co-operation and Development average.
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