The Tax Preparation Blog

Posts Tagged ‘income tax chart 2009’

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

RADNOR, Pa.—-Airgas, Inc. today announced that it has commenced mailing of a letter to all Airgas stockholders regarding the tactics employed by Air Products & Chemicals, Inc. over the past ten months.

Tax Day Tea Party High Interest in ALIPAC and Illegal Immigration

Question: Where would I find an income tax deduction chart for the state fo Michigan?

I am planning to be a truck driver and need to deduct taxes from my paycheck myself.

Answer: contact the Franchise Tax Board or whatever agency is in charge of collecting taxes in Michigan. I live in California, and that’s what California calls their tax collecting agency. You may also want to contact the IRS (Feds) to get a Fed tax deduction table.

Democrats grim, re-evaluating

WASHINGTON — Wounded in Massachusetts, frustrated Democrats yesterday urged the White House to focus on jobs and the economy — not the health care overhaul that’s now at risk — and pressed President Barack Obama to more forcefully make…

Federal Income Tax Withholding Chart for 2009, 2010