For 3rd Straight Year, Americans Paying Less In Federal Taxes Than They Did Under Bush

The rise of the Tea Party — “Tea” standing for “Taxed Enough Already” — was inspired by the myth that Americans were suffering under an oppressive tax-raising regime of President Obama. Yet the reality is quite the opposite. As Obama noted in his pre-Super Bowl interview with Fox News’ Bill O’Reilly on Sunday, “I didn’t raise taxes once. I lowered taxes over the last two years.” Yesterday, the Congressional Budget office provided the numbers to back that claim up, the AP reports:

[A]s a share of the nation’s economy, Uncle Sam’s take this year will be the lowest since 1950. […] And for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush, thanks to a weak economy and a growing number of tax breaks for the wealthy and poor alike. […]

But in the third year of Obama’s presidency, federal taxes are at historic lows. … in the current budget year, federal tax receipts will be equal to 14.8 percent of the Gross Domestic Product, or GDP, the lowest level since Harry Truman was president.”

The AP adds that even though federal income tax rates have remained unchanged, “many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor.”