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Thread: Taxes reach historic low

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    Re: Taxes reach historic low

    Quote Originally Posted by washunut View Post
    It seems that are for getting rid of all the bush tax cuts. Good start that would bring in about $4 trillion over 10 years. We would still increase the national debt by 7-10 trillion under the budget proposed by obama, but a good start.
    Revenue will increase by $4 trillion over 10 years if the Bush tax cuts are ended? Where do you get that number?

    Obama plan is a terrible plan. He wants to increase spending, not cut spending. Not sure where you get the $7-10 trillion number either. Obama doesn’t have a real budget yet and he hasn’t said what his numbers are when he says we need to “invest” (code for spend) in everything under the sun.

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    Quote Originally Posted by Montecresto View Post
    It would seem that the constitution is just a god damn piece of paper, to be trotted out when expedient.

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    Re: Taxes reach historic low

    Quote Originally Posted by iamitter View Post
    You can't answer turtle's question with that graph.
    1) The top marginal rate isn't the average tax rate of the bracket it encompasses.
    2) The top marginal rate had different thresholds for all those years.

    It's a very difficult question to answer, even 1912 on. You'd have to find the average tax rate for each year for the top 1%, who fell into a different income bracket each year.
    Try this one
    http://www.irs.gov/pub/irs-soi/05in05tr.xls

    For 86 through 05 the answers seems to be about 26.4%

    But this is just federal
    Last edited by Simon W. Moon; 04-18-11 at 01:30 AM.
    I may be wrong.

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    Re: Taxes reach historic low

    Quote Originally Posted by donc View Post
    <For the past two years, a family of four earning the median income has paid less in federal income taxes than at any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per-capita income than at any time since the 1960s, according to the Tax Foundation. The highest income-tax bracket is its lowest since 1992. At 35 percent, it's well below the 50 percent mark of much of the 1980s and the 70 percent bracket of the 1970s.>
    1. <For the past two years, a family of four earning the median income has paid less in federal income taxes than at any time since at least 1955, according to the Tax Policy Center.>
      Not surprising given that those above that median now pay what, 97% of the income tax now? Yes, maybe the income tax has become too progressive.
    2. <All federal, state and local taxes combined are a lower percentage of per-capita income than at any time since the 1960s, according to the Tax Foundation.>
      In other words, we're in a major recession, and those with the higher incomes and tax rates were hit the hardest.
    3. <The highest income-tax bracket is its lowest since 1992. At 35 percent, it's well below the 50 percent mark of much of the 1980s and the 70 percent bracket of the 1970s.>
      It's common knowledge that the current high-income bracket is lower than when Clinton raised it in 1993. Any comparison to the 70's and 80's is ridiculous unless you examine tax expenditures, loopholes, income thresholds, etc.
    Last edited by Taylor; 04-18-11 at 02:01 AM.

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    Re: Taxes reach historic low

    The government already rapes corporations with taxes bad enough that taxes should be at an all time low, unless you're GE of course.
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    Re: Taxes reach historic low

    Quote Originally Posted by DontDoIt View Post
    The government already rapes corporations with taxes bad enough that taxes should be at an all time low, unless you're GE of course.
    Except 2/3 of corporations dont pay their taxes.....


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    Re: Taxes reach historic low

    Quote Originally Posted by TheDemSocialist View Post
    Except 2/3 of corporations dont pay their taxes.....
    At last something we can semi agree upon.

    It is unconscionable that huge corporations aren’t paying any taxes. This has to change.

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    Quote Originally Posted by Montecresto View Post
    It would seem that the constitution is just a god damn piece of paper, to be trotted out when expedient.

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    Re: Taxes reach historic low

    Quote Originally Posted by donc View Post
    Well look what I found. In that bastion of socialism no less, SoCal.


    <While Republican lawmakers appear unified against tax increases and many Tea Party activists want existing rates rolled back, statistics consistently show that federal taxes are at a historic low.>


    <For the past two years, a family of four earning the median income has paid less in federal income taxes than at any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per-capita income than at any time since the 1960s, according to the Tax Foundation. The highest income-tax bracket is its lowest since 1992. At 35 percent, it's well below the 50 percent mark of much of the 1980s and the 70 percent bracket of the 1970s.>

    Taxes reach historic low - News - The Orange County Register
    I suppose you want us to give Democrats credit for low taxes?
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    Re: Taxes reach historic low

    Quote Originally Posted by American View Post
    I suppose you want us to give Democrats credit for low taxes?
    Or just challenge the narrative that taxes have been too high under Obama, or that people have been "Taxed Enough Already."
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: Taxes reach historic low

    Quote Originally Posted by StillBallin75 View Post
    Or just challenge the narrative that taxes have been too high under Obama, or that people have been "Taxed Enough Already."

    Mornin' SB. Your post here leads to the obvious question, how much of MY money should the government take?

    Secondly, the source in the OP seems questionable. At least Krugman thinks so.....But then again I think Krugman is questionable.....so Eh? who knows?

    Look, the bottom line is that we have as reported repeatedly today, that upwards of 47% of Americans won't pay ANY TAXES this year. While the top earners pay a lion share of the burden in this country. Now you can sit there and believe that the wealthy got to where they are because they fell ass backwards into a pile of cash, or won 'life's lottery' or something, but I think that honestly you know that isn't true. And to hear all of this talk like the money we make is somehow allowed to us on how much we keep? That is arse backwards, don't you think?


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    Re: Taxes reach historic low

    Quote Originally Posted by j-mac View Post
    Mornin' SB. Your post here leads to the obvious question, how much of MY money should the government take?

    Secondly, the source in the OP seems questionable. At least Krugman thinks so.....But then again I think Krugman is questionable.....so Eh? who knows?

    Look, the bottom line is that we have as reported repeatedly today, that upwards of 47% of Americans won't pay ANY TAXES this year. While the top earners pay a lion share of the burden in this country. Now you can sit there and believe that the wealthy got to where they are because they fell ass backwards into a pile of cash, or won 'life's lottery' or something, but I think that honestly you know that isn't true. And to hear all of this talk like the money we make is somehow allowed to us on how much we keep? That is arse backwards, don't you think?


    j-mac
    J-mac, I understand where you're coming from and the points you've laid out here are probably suited for a separate discussion.

    It's clear to me, however, at least at the federal level, that tax rates on personal income have remained relatively low (compared to the past) for all income brackets. That's the point the OP was trying to make.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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