Washington Examiner: Taxes Rising Faster Under Obama Than Any Other President

The Washington Examiner’s Conn Carroll reports this afternoon that there may be a reason why this economy has been so stagnant for so long: under President Obama, taxes (as a percentage of GDP) are rising faster than any other time since World War II.

“When President Truman came into office in 1945, federal taxes were 20.4 percent of the U.S. economy. When he left office in 1953 they made up just 18.7 percent.

“President Eisenhower then lowered taxes even further to 17.8 percent by 1961, and President Kennedy lowered them further still to 17.6 percent.

“President Johnson then raised taxes for his wars on Vietnam and poverty to 19.7 percent.

“President Nixon then cut taxes to 17.9 percent by 1975, before President Ford raised them t0 18.5 by 1977.

“President Carter, of course, raised taxes even further to 19.6 percent, before President Reagan cut them to 18.4 percent and President Bush cut them to 17.5 percent.

“President Clinton then raised taxes to 19.5 percent of GDP by 2001 before President Bush cut them to 17.6 percent in 2008. The financial crisis then sunk the economy lowering tax collection to a post-WWII low of 15.1 percent.

“President Obama’s many tax hikes will send taxes as a percentage of GDP as high as 19.3 percent in 2015, before falling to 18.9 percent in 2017.

“From 2009 to 2017, taxes as a percentage of GDP will have risen 3.8 points, a larger tax hike than any other American president since WWII.”

Facts like this may have a hard time translating into “real” terms. But remember, when you pay more money to the government, you have less money to buy that new house, to save for your child’s college fund, or to simply fill up the gas tank.

When you return money to middle-class families across the country, you grow the economy in a lasting and natural way.

We need that now more than ever in Washington. Stand with the NRCC as we seek to strengthen our Republican majority that will stand for economic growth and providing more opportunities for the middle class.