An analysis shows that tax bills in 2009 dropped to their lowest levels since the 1950s, according to USA Today.
Figures from the Bureau of Economic Analysis shows that federal, state and local taxes only accounted for 9.2 percent of personal income, USA Today reports. Historical rates have placed tax burdens hovering around 12 percent.
"The idea that taxes are high right now is pretty much nuts," Center for American Progress economic policy leader Michael Ettlinger told the newspaper.
Americans' burden was reduced for a number of reasons. Nearly one-third of the stimulus package was allocated toward tax cuts, which workers took advantage of during filing season, the newspaper reports. Over the years, higher exemptions, lower rates and more credits have also eased the size of large tax bills. Consumer spending also declined, which consequently decreased the sales taxes they paid.
Taxpayers may benefit each year by taking advantage of the credits, deductions and exemptions offered by the Internal Revenue Service. Workers who are unsure about their eligibility for certain benefits may receive assistance through tax services or their preparer.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.