,..4 4 MONEY MORNING April 29,2013 Myths and Realities About the U.S. Economy By BEN GERSTEN When it comes to the U.S. economy, myths and misleading statistics abound. Are taxes the highest they've ever been? Is the country's spending at record levels? Are the majority of products U.S. consumers buy produced by low-wage workers overseas? The answer often depends on the spin. But this Bureau of Economic Analysis presentation on myths and misperceptions about the U.S. economy gives investors a sense of what's real and what's the twisted truth. 7 Myths About the U.S. Economy Are Federal Taxes at a Record High? 25% 20% 15% 10% 5% Total federal taxes as a share of GDP* A : 12.1% Personal income taxes as a share of Personal Income <9 es es es es es es <9 es i s 1st_ 1- est, tia, ett" <4. ttt al> di> ti tt tIS -St -94' arii 44 1 co> ‘As f, 'Major components include personal payroll and income taxes, and corporate taxes 2 PSVA. Even though Americans paid a record $2.7 trillion in federal taxes in 2012, as a percentage of the economy, that amounted to 16%, below the long-term average. Page I I of 4 EFTA_R1_01956122 EFTA02674582