Tax Chart 2009
September 4th, 2010
Question: Are we getting the right information about tax increases for the wealthy?
The media has been obsessing about President Obama’s plan to roll back the Bush tax cuts for the wealthiest Americans—from 35% to 39.6%—even asking if that makes him a socialist.
But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan’s first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!
Shocking, right? And for all the whining about rolling back Bush’s irresponsible tax cuts, the truth is that Obama’s plan cuts taxes for 95% of working Americans. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track.
This chart from The Washington Monthly shows just how absurd Republican complaints about Obama’s budget are. Check it out for yourself:
http://www.washingtonmonthly.com/archives/individual/2009_03/017201.php
Answer: Republicans are swooning over top tax rate increases that are still lower than at almost any time in nearly a century.
The only times the top rates were lower is the decade of the Depression and the recession-heavy 1980’s. Hmmmmm….
Airgas Believes Air Products’ Tactics Designed to Deprive Stockholders of Value
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Tax Day Tea Party High Interest in ALIPAC and Illegal Immigration
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