You know, rather than discuss the candidates per se – let’s look at an issue for a change. There has been, over the years, a lot of rhetoric about taxes – good and bad.
The Dems are fond of saying that the Pubbies, particularly Bush, only want to give tax breaks to the rich. While I think that most of us realize that at best, this is an exaggeration – I think a little actual information is a better way to consider things.
And as they say, the truth shall set you free. Honestly, I didn’t realize myself that there was such a difference – I did notice my taxes have been lower for the last several years, but since I’ve never really made much money, I guess the change didn’t really hit me.
But I do think it is noteworthy. The following information came from here, if you want to check it out.
Taxes under Clinton 1999 Taxes under Bush 2008
Single making 30K – tax $8,400 Single making 30K – tax $4,500
Single making 50K – tax $14,000 Single making 50K – tax $12,500
Single making 75K – tax $23,250 Single making 75K – tax $18,750
Married making 60K – tax $16,800 Married making 60K- tax $9,000
Married making 75K – tax $21,000 Married making 75K – tax $18,750
Married making 125K – tax $38,750 Married making 125K – tax $31,250
It is interesting when you consider that many people believe that Bush is not giving them a break tax wise, and that Bill Clinton was the one who was looking out for them. That Clinton had such a great economy and Bush ruined it. The truth is, that the unemployment rate has been consistently lower under Bush than it ever was under Clinton, the stock market has reached all time highs under Bush and despite the trillions of dollars that 911 cost us, we have thrived. Part of the reason for this is the tax cuts.
Both Mrs. Clinton and Mr. Obama have said they intend to end the Bush tax cuts, if elected. So, if that comes to pass, instead of paying 15%-25% of your income – you will be paying 28%-31% of your income – providing they go with the previous Bill Clinton levels. However, knowing politicians as we do – they will likely justify even higher rates based on inflation, cost of living and cost of all their new programs – so we may well see tax levels closer to 40% on the high end.
Yep, I’d have to agree – they surely do want change. The question are you willing to pay for it?
(H.T. to Ger for passing on the info. )
This is a graph for Grace and connects to my response to her comment. WC