(Please note, the min-max on this graph is from slightly over 31% to just a tiny bit over 36%.)
Even if this legislation is passed, the effective rate for the top 1% will remain considerably below the highest rates of the mid-90’s (when the economy was strong, and subsequently booming) and probably still below the norm of the last 8 years. Families with adjusted gross income under $350,000 will see no tax increase. 96% of small businesses will see no tax increase.
Since when? Since always. (at least during our lifetimes.)[/quote]
I think your comments made more of an anti-tax point than you intended . . . we had a great economy then. It is terrible now. So, let’s increase the marginal federal brackets to 39%? Also, of course, like most lefty examinations on these issues, there was an omission of other new proposed taxes: increased capital gains rates, payroll taxes, limits on charitable deductions, phaseouts for other deductions, limiting mortgage int. deduction, possible cap and trade taxes. Not to mention, the more pronounced impact of the alternate minimum tax.
Of course, we have liberal states like CA and NY passing new taxes whenever possible.
I used to think we were going to have decades of liberal government with Obama et. al. However, as I see it, they are so going to derail the economy with all of this regulation and taxation, they’ll be lucky to escape 2010 with anything intact. Hope and change doesn’t mean much when you don’t have a job.
