Friday, August 13, 2010

Bubble Economics

Sometimes a visual helps point out the differences. Ezra Klein at the Washington Post points us to this visual regarding the difference between the Bush taxes and Obama taxes.

They are so different in scope, I absolutely see where the Tea Party charges of socialism and communism come from. < / sarcasm >

In other news, we're still only talking about taxes going back to the levels we saw during the Clinton years - between 36 and 39% top marginal rates. That is, opposed to the "good ole days" of the Truman-Eisenhower era, when top marginal rates were sometimes over 90%.

The tax man also has yet to come to my door and charge me any additional taxes to pay for health care reform, but I have been paying for two wars since 2003. I'll be sure to let everyone know when that changes.

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2 comments:

DADvocate said...

Average tax cut from what? The first few comments say a lot.

"If your going to do this chart, you should also show what the amount of taxes each bracket pays. After all, people making under 10,000.00 a year only get a $53 dollar tax cut, but how much do they typically pay in taxes? Think of it this way, if the highest tax bracket was 90%, and a the democrats wanted to drop it to 85% that chart would look the same as your republican's chart? "

"This is so incredibly disingenuous. It doesn't show percent of income, and it doesn't show the amount of taxes currently paid at each income bracket."

Sorry, I'd rather have the money in the hands of private individuals and private industries than government. Government simply needs to cut back spending and many of its "services."

Cousin Pat from Georgia said...

Average tax cut from what?

Fair question. I wish someone had posed it for the Bush Tax "Cuts." My main point was how very similar the tax structure was from one administration to another.

Government simply needs to cut back spending and many of its "services."

Or simply prioritize more effectively. I live in a city that has spent waay too much on services that may or may not actually exist (kindof a mashup of the worst left and right wing tendencies rolled into one).

Back in the day, when the top marginal rate was over 70% (For. Decades.), the average taxpayer got an awful lot of bang for their tax dollar.

Today, much more money is kept in the hands of the individuals, but the money the government uses is spent so unwisely (regardless of political party, and especially at the local and state levels) that even these much lower taxes feel like waay more than we should be paying.