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By Catholic Online (NEWS CONSORTIUM)

4/22/2014 (11 months ago)

Catholic Online (www.catholic.org)

Under plan, taxes would rise from 17.6 percent of GDP in 2014 to 19.2 percent in 2024

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama presented to Congress last month.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/22/2014 (11 months ago)

Published in Politics & Policy

Keywords: President Obama, taxation, budget, proposal


LOS ANGELES, CA (Catholic Online) - Taxes would rise from 17.6 percent of Gross Domestic Product, or GDP in 2014 to 19.2 percent in 2024. During the ten years from 2015 to 2024, federal taxation would average 18.7 percent GDP. To date, the United States has never been subjected to a ten-year stretch of taxation at that level.

In the twelve fiscal years preceding the Japanese attack on Pearl Harbor, the years of 1930 through 1941, federal taxation averaged 5.3 percent of GDP. In the five fiscal years encompassing U.S. involvement in World War II, the years of 1942 through 1946, federal taxation averaged 16.1 percent of GDP.

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Experts point out that in the fiscal years since World War II, or 1947 through 2013, federal taxation has averaged 17.1 percent of GDP.

Through the fiscal years of 1992 through 2001, federal taxes averaged 18.3 percent of GDP. In the last four years of that period, or 1998 through 2001, the federal budget was balanced.

In the twelve fiscal years from 2002 through 2013, federal taxes averaged 16.1 percent of GDP-the same that they averaged during World War II.

In all ten years from 2015 through 2024, under Obama's proposal, federal taxes would be higher than 18.3 percent of GDP. During the period of 1992 through 2011, there were only five straight years, or 1997-2001 when federal taxes were higher than 18.3 percent of GDP.

Under Obama's budget proposal, according to the CBO, the budget will never balance.

"The President's budget would make a number of changes to the tax law," the report says. "If enacted, those changes would boost revenues by $32 billion in 2015, and by $1.4 trillion, or about three percent, during the 2015-2024 period."

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