by Brian
Thanks to Joe Riha for his research on this. Again, I am just trying to put the facts out there. A lot of us may have trouble if we need to sell our home and/or purchase a home. My question is this: Will YOU and YOUR FAMILY be better off if your income taxes went up? i.e. the new president repeals Bush's tax cuts
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
source Tax Foundation
Certain politicians want to play this "Class Warfare" card in their campaign. Their battle cry is basically that the rich do not pay their fair share of taxes. Again, lets look at the facts. These facts come courtesy of the CBO (Congressional Budget Office of the Federal Government)
Taxes paid by highest incomes
- The top 1% pay 22.7% of taxes.
- The top 10% pay 50% of taxes.
- The top 20% pay 65.3% of taxes.
- The top 40% pay 84.3% of taxes.
Taxes paid by lowest incomes
- The bottom 20% pay 1.1% of taxes.
- The bottom 40% pay 6.1% of taxes
Most of us already have decided how we are going to vote in November, and I am not trying to tell you how to vote. Just please be an informed voter. Don't take politicians or media members at their word. Make sure you are making an informed decision when casting your ballot.
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