"The relation between what is said in the tax debate and what is true about tax policy is often quite tenuous," Gale told Hotsheet. "The rise of the Tea Party at at time when taxes are literally at their lowest in decades is really hard to understand."
Skepticism surrounding the president's tax policies likely stem from a variety of factors: First, it's simply harder to open one's wallet for the government during a recession, and some state and local tax increases added to some people's burden. Additionally, many Americans may be more concerned with potential tax increases in the future. On top of all that, it can simply be hard to have a firm understanding of what's going on in Washington from the hyper-partisan rhetoric often used to talk about taxes.
Here's a look at what the president did for your tax return in 2009, what he may do in the future and whether it all adds up.
Taxes at Lowest Levels in 60 Years
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Nothing from the conservative base? |
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Nothing from the conservative base?
2010 35% for incomes over $373,651 2000 39.5% $288,350 1990 28% $32,450 1980 70% $215,400 1970 71% $200,000 1960 91% $400,000 1950 84% $400,000 1940 81% $5,000,000 1930 25% $100,000 1920 73% $1,000,000
There were some good times back then and some bad ones. We fought three serious conflicts, built the interstate highway system and sent a bunch of guys to the moon but we had a budget surplus during Johnson's administraton. It didn't happen again until Clinton.
That's what gives me confidence. It didn't look like there was one chance in a million of getting rid of the Bush I deficits in 1992 but our man Clinton did it. So I'm hoping it can be done again. Do it in the next 7 years and not put it all on the grandchildren. |
