The Tax Preparation Blog

Posts Tagged ‘income tax rates’

Question: Didn’t high top-tier tax rates end the depression, win WWII, and build the post-war middle-class boom?

Extremely high government spending on manufacturing of armaments, starting in 1942, ended The Great Depression, in 1943. In 1944 and ’45, top-tier tax rates (the highest in U.S. history) above 90% helped end the war and build the post-war middle-class boom. Top-tier tax rates remained above 50% until 1981 when tax rates were lowered from the 70% level by Reagan. They’ve remained below 50% (and often below 40%) to this day.

Did this mid-century tax policy not help create the America many still remember that existed until the ’70s? High real family incomes? Little or no family debt with higher savings? No financial market panics from 1937 to 1987? The “rich” weren’t even “hurting”, then! Were they?

Answer: Correlation does not prove causality but anyone who wants to convince me that high taxes on the rich will stop economic growth will have to explain why it did not during the post WWII period.

White House Not Budging on Tax Hikes for Wealthy

Obama administration continues to push for Congress to let the Bush tax cuts expire for the wealthiest Americans, teeing up a lame-duck standoff in Washington once lawmakers return from the campaign trail. Control of Congress Unknown on Nov. 3? Tea Party 2010 Wrap-Up Tour Kicks Off White House: Chamber OK to Help Dems OPINION: For WH, It’s All Propaganda Full Coverage: America’s Election HQ

History of income tax vlog-BTW, did you pay your taxes? I did!

This is a Center for Data Analysis Report On Taxes

Abstract: The Economic Freedom Act, proposed by Representative Jim Jordan, would terminate the ineffective Troubled Assets Relief Program (TARP), and substitute a proven way to stimulate the economy: tax relief—from permanent repeal of the capital gains and death taxes to significant reductions in payroll taxes and the top corporate tax rate.

1040A Federal Income Tax Form for 2010, 2011

Question: Highest Taxes in US History Under Ronald Reagan?

From 1982-1986, Ronald Reagan presided over a top bracket income tax rate of 50%, the highest in US history. Today, the top bracket tax rate is 35%. Why do Republicans always fault Democrats as being socialists for wanting to raise top bracket income tax rates no more than 5.5-6% (to cover healthcare costs for example)? Why was it not socialism when the GOP saint Reagan was in office?

Answer: Reagan did not have a Republican controlled congress. You know that right? He did get them to lower taxes and it helped the economy grow.

Deans Knight Income Corporation Releases Interim Financial Statements and Management Report of Fund Performance for …

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 12, 2010) – Deans Knight Income Corporation (the “Company”) (TSX:DNC) is pleased to release its interim Financial Statements and Management Report of Fund Performance for the period ended June 30, 2010. T

Political Facts & Information : History of the US Income Tax

Question: I’m trying to determine/project my total federal taxes due for 2009 and adjust my withholdings accordingly.?

I’m trying to determine/project my total federal taxes due for 2009 and adjust my withholdings accordingly. Using the 2009 federal income tax rates (10% of income under $16,700, 15% of income over $16,700 and under $67,900, etc.), do I simply calculate the amount I owe and then subtract $400 due to the stimulus package tax cut?

Answer: Yes, but be sure to use the right table for your filing status. Looks like you’re using the married/joint return table – if so, then the MWP credit is $800.

Also, it’s on TAXABLE income so be sure to subtract your standard deduction and exemptions before calculating the tax.

New Zealand Cuts Income Taxes to Encourage Saving, Curb Debt

New Zealand will raise sales tax for the first time in two decades and lower income taxes to encourage household saving, aiming to reduce the economy’s “vulnerability” to concerns about sovereign debt.

Alistair Darling kicks off his Budget speech Today 22nd April 2009

DAY 6: John Marra’s Hawaiian Holiday

Read daily updates from John Marra’s journal from his trip to Hawaii with a group of WSAZ viewers. Don’t forget to check out his pictures, too!

Budget 2010 predictions: Will CGT rise to the level of income tax?