Here are some factoids about the taxes we pay.
- In 2005 the federal government took $2.4 trillion out of the pocket of the American people. That is about the same size as the entire 1959 U.S economy in 1959 in inflation adjusted terms.
- According to the Tax Foundation, three fifths of taxpayers believe their taxes are too high. About 2% think they are too low (WHAT!?)
- 80% of taxpayers believe that the tax system is too complex. 3% actually thinks the tax system is fine the way it is. More than 2 out of 3 say they would give up major tax deductions (mortgage interet, taxes) for lower tax rates. (This is a tax spend politicians dream come true. He'll just cut the dedcuction and then say we can't afford the rate cut)
- In 2005 mortgage interet dedcutions account for tax saving of $62 billion with 72% of that going to those with incomes under $200,000.
- The child credit saved taxpayers $46 billion almost all of it claimed by the middle class (That's because this was targeted to the middle class).
