According to The Associated Press, “for the third straight year, American families and businesses will pay less in federal taxes than they did under former President George W. Bush. …” In fact, as a share of gross domestic product, Americans haven’t paid this little in taxes since Harry Truman called the shots.

AP via Yahoo by way of Think Progress:

Actually, as a share of the nation’s economy, Uncle Sam’s take this year will be the lowest since 1950, when the Korean War was just getting under way.

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.

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#barack obama#debt#deficit#economy#george w bush#politics#taxes#tea party