Taxes

Quick Summary
Conservatives often deride Democrats for a "tax and spend" mentality. However, Republicans themselves are guilty of this mentality, and the facts often show Democrats tax less than Republicans. Regardless of who is to "blame" for "high" taxes, U.S. tax rates are significantly lower than in its own history and compared to other countries.

U.S. Tax Rates
The United States currently has some of the lowest tax rates in the developed world. Tax revenue accounts for 14.8% of the U.S. GDP, while among OECD nations the figure is much higher at 33.7%. Not only are American tax rates lower than in comparable nations, but they are much lower than in our own history.

Tax Facts:

 * Tax rates under Obama are currently the lowest of any modern U.S. President.
 * Total revenue as a share of GDP is at its lowest since before World War II.
 * In the OECD (comprised of 30+ countries), U.S. taxes as share of GDP are fifth from the bottom.
 * The highest income tax rate has gone from 90% in 1960 to 35% today - with Republicans advocating lowering it to 25%, the lowest it would be since the 1930s.
 * Investment taxes are the lowest since 1933.
 * Estate taxes have almost completely disappeared.
 * The wealthiest Americans have seen their income taxes drop dramatically. The 400 richest households in America pay 16.6% in income taxes, down from about 30% in the 1990s.
 * Corporate taxes make up only a minute percentage of revenue, and that rate has been dropping. Corporate taxes are lower in the U.S. than in many other developed nations.
 * Tax breaks and loopholes cost the U.S. $1 trillion annually and have risen rapidly. In 1982 they cost the U.S. half that - using today's dollars.

Bush Tax Cuts:

 * Former Republican President George Bush passed tax cuts that strongly favored the wealthiest Americans.
 * Bush's tax cuts did not spur economic growth.
 * Bush's tax cuts cost the U.S. federal government more money than the Iraq War, Afghanistan War, Great Recession bailouts, and even the reduced revenue caused by the recession itself.
 * Reversing Bush's tax cuts would stop the increases in the U.S. deficit over the next decade relative to GDP. Keeping the cuts increases this figure.

References and Further Reading
10 Ways America Has Become a Low-Tax Country // Bradford, Harry // 06-11-11 // http://www.huffingtonpost.com/2011/06/10/ten-charts-showing-how-low-american-taxes_n_875067.html#s290516&title=10_Tax_Breaks
 * Report: Tax Rates Under Obama Lower Than Any President In Modern History (7/11/2012)
 * http://www.classwarfareexists.com/report-tax-rates-under-obama-lower-than-any-president-in-modern-history/; last accessed 7/11/2012

10 Years Later, How Bush-Era Tax Cuts Changed America // Bradford, Harry // 06-09-11 // http://www.huffingtonpost.com/2011/06/08/how-bush-tax-cuts-economy_n_873245.html#s289295&title=Effect_On_Future