GrayBeard Wrote:That is all garbage! 100% Garbage, and Al Franken....Please!
Bill Clinton raised taxes on everyone, not just the wealthy.
You say my post is garbage.
But let me offer some facts.
During the Reagan administration, the top federal income rate was lowered from 70 percent -- which itself was the lowest top federal income tax rate since the Hoover administration -- to 28 percent. This was the bracket that, in 1989, applied to the top 0.7 percent of income tax filers.*
When President Bush I broke his "read my lips" pledge, he raised that top bracket for 0.7 percent of income tax filers to 31 percent.
When President Clinton came along, he took that top 31 percent tax bracket -- which applied to the top 3 percent of income earners -- and broke it into three brackets.
The top 0.5 percent -- in other words, about 1 in 200 filers -- would pay 39.6 percent on their last dollar. An additional, not-quite-so-rich 0.9 percent would pay 36 percent on their last dollar. The remaining 2.2 percent from that top bracket would stay at the old 31 percent rate.
And, when it comes to personal income taxes,
that's all Clinton did in terms of raising them. He also created the earned income tax created for poor working folk, but this was a cut.
Bush's tax cut involved (in part), cutting those top two tax brackets down to 35 percent and 33 percent, respectively.
What does it take to even reach these tax brackets?
A family would have had to earn more than $174,700 last year to reach next-to-last 33 percent bracket (36 percent under Clinton).
And a family would have had to earn more than $311,950 to reach the top 35 percent bracket (39.6 percent under Clinton).
A lot of people try to blur the issue by arguing these are middle class people. The reality is, only one in 50 income tax filers earn enough to reach either of these brackets, and just 0.8 percent of filers reach the top bracket.
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SOURCES:
<a href='http://taxpolicycenter.org/TaxFacts/TFDB/TFTemplate.cfm?Docid=262' target='_blank'>http://taxpolicycenter.org/TaxFacts/TFDB/T...e.cfm?Docid=262</a>
<a href='http://taxpolicycenter.org/TaxFacts/TFDB/TFTemplate.cfm?Docid=147' target='_blank'>http://taxpolicycenter.org/TaxFacts/TFDB/T...e.cfm?Docid=147</a>
<a href='http://taxpolicycenter.org/TaxFacts/TFDB/TFTemplate.cfm?Docid=213' target='_blank'>http://taxpolicycenter.org/TaxFacts/TFDB/T...e.cfm?Docid=213</a>
* The Reagan era top rate was regressive. An additional 2.8 percent of filers who couldn't quite reach the top tax bracket paid 33 percent on their last dollar. Those who made enough to get into the top bracket paid just 28 percent on every additional dollar they earned.