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Reagan Must Have Been A Communist! Marginal Tax Rates Compared

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Median Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-18-08 05:37 PM
Original message
Reagan Must Have Been A Communist! Marginal Tax Rates Compared
Edited on Sat Oct-18-08 06:09 PM by Median Democrat
It is amazing to here people equate Obama's tax plan with socialism. Such arguments reflect an ignorance of fact and history. The American tax system has been progressive for a long time. Also, Obama's tax plan is not nearly as progressive (or socialistic as some RWs would say) as Bill Clinton's or Ronald Reagans. Indeed, under Reagan, we had a 50% top marginal rate. Unfortunately, the MSM never takes the time to address the charges and counter-charges regarding tax plans with fact. So, here's my effort to introduce some fact into the tax debate:

I got my information from the following websites:

http://www.taxfoundation.org/publications/show/151.html

http://www.taxpolicycenter.org/UploadedPDF/411693_Candi...

Our current maginal tax rates for 2008 are as follows:

10%
15%
25%
28%
33%
35%


Obama proposes the following marhinal tax rates:

10%
15%
25%
28%
36%
39.6%

McCain would simply continue applying Bush's marginal tax rates:

10%
15%
25%
28%
33%
35%

However, does this make Obama's tax plan radical or socialistic? Hardly. In 1999, when the stock market was zooming through the roof, and real median household incomes were going through the roof under Bill Clinton, we had the following marginal tax rates:

15%
28%
31%
36%
39.6%

Thus, Obama's proposed taxes are still significantly less than the taxes under Bill Clinton, particularly for middle income Americans.

Okay, well how about Ronald Reagan? Well for much of Reagan's two terms, he had top marginal tax rates of 50%, though deductions may have resulted in a different tax burden. In other words, compared to Obama's proposed tax plans, Ronald Reagan is a pinko commie:

Married Filing Jointly
Marginal Tax Brackets
Tax Rate Over But Not Over
0.0% $0 $3,670
11.0% $3,670 $5,940
12.0% $5,940 $8,200
14.0% $8,200 $12,840
16.0% $12,840 $17,270
18.0% $17,270 $21,800
22.0% $21,800 $26,550
25.0% $26,550 $32,270
28.0% $32,270 $37,980
33.0% $37,980 $49,420
38.0% $49,420 $64,750
42.0% $64,750 $92,370
45.0% $92,370 $118,050
49.0% $118,050 $175,250
50.0% $175,250 -



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Median Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-18-08 06:23 PM
Response to Original message
1. Bump - Any Comments On Obama's Tax Rates Being Less Than Reagan?
It would be interesting to see what a Freeper would say to defend Reagan. Likewise, would they argue that Bill Clinton was also a socialist given that his tax rates are higher than those proposed by Obama.
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jpgray Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-18-08 06:25 PM
Response to Original message
2. Up until '86, Reagan did have higher rates than Obama proposes
I believe the highest bracket was knocked back to something like 29% during his last two years, however. Of course, that was a prelude to a rather rough four years....
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