I’ll write a longer post on the 2001 and 2003 tax cuts another time. I just came across a nifty little post at Dr Sanity laying out the differences in actual taxes paid, across the spectrum, 1999 vs 2008.
No, it wasn’t just the eeeeviiillle rich who got the tax cuts, folks. This we knew. Well, those of us who get our news from sources other than the NYT, the New Republic, or NBC, anyhow. I won’t even get into how much more money the rich are paying now than they were before they got their cuts, or how their share of the overall tax burden has gone way up. Nor shall I mention how millions of the poor dropped off the tax rolls. The cuts were across the board, the wealthy receiving the lowest cuts, the poor the highest cuts, of one third, or as said above, many got a cut of 100%. The purpose of this post is focusing on the middle class.
The following numbers were compiled by the tax foundation.org.
Taxes under Clinton 1999 / Taxes under Bush 2008Single making 30K – tax $8,400 Single making 30K – tax $4,500Single 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
Married making 125K – tax $38,750 Married making 125K – tax $31,250
Remember folks, these horrible tax cuts are due to expire in 2010. Just about anyone reading this, and most of the people you know are going to fall somewhere in this bracket. Obama or Hillary either one, they are dedicated to letting the tax cuts expire. Never even mind new taxes, which will surely come. Just these cuts going away will mean hundreds of dollars a month less in your paycheck. You won’t make a single penny more, but you’re going to see a huge drop in your takehome pay.
I’m just sayin’.