Total bill levels in 2009 at lowest level since 1950

According to USA Today, amid complaints about high taxes and calls for a smaller government Americans paid there lowest federal taxes last year since Harry Truman’s Presidency.

Federal, state and local taxes including income, property, sales and other taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. That rate is far below the historic average of 12% for the last half-century. The overall tax burden hit bottom in December at 8.8.% of income before rising slightly in the first three months of 2010.

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AmCham Korea - Seoul

The American Chamber of Commerce in Korea was founded in 1953 with a broad mandate to encourage the development of trade and commerce between Korea and the United States. Membership has grown to over 2,300 representatives of over 1,000 member companies.