Via Balloon Juice, here's a chart of the tax rate on the top bracket over the years. The first thing that jumps out at you is that we taxed the ever-living crap out of the rich back in the day. The top tax rate was an astounding 90% up until 1964. Think about that. That prosperous, leave-it-to beaver world of the 1950's was built on taking all the money from the rich folks.
I'm done hearing about conservative whining about going back to the 1990's top tax rate of just under 40%. Shut up, or we will go Dwight D. Eisenhower on your ass.
Showing posts with label Taxman. Show all posts
Showing posts with label Taxman. Show all posts
March 4, 2009
Worse Mistake
I talk politics with a lot of people, and when the conversation turns to taxes, the most worse mistake I run across is this one:
The premise of the report is this: Barack Obama plans to raise taxes on people who make more than $250,000, so the reporter has gone and found people who earn a little more than that sum who plan to decrease their income so that they come in underneath the magic line.
Now, the obvious objection here is that the tax code doesn't work that way. A tax increase affects the marginal dollar that a person gains. That's means only every dollar over $250,000 is taxed at a higher rate. Obama is not proposing a tax system whereby somebody who goes from $249,999 to $250,000 suddenly becomes poorer. Nobody has ever enacted a tax hike like that in the history of the United States.
A lot of people, smart, informed people I've talked to don't understand this. They think if they make less money, they will take home more money after taxes. They think the current tax code discourages you from earning money. Some even earn less money based on this mistake. I wonder how many people out there make believe this. We need a poll. My guess is that millions of dollars and thousands of potential Democratic votes are going to waste because people don't understand the basics of marginal tax rates.
The premise of the report is this: Barack Obama plans to raise taxes on people who make more than $250,000, so the reporter has gone and found people who earn a little more than that sum who plan to decrease their income so that they come in underneath the magic line.
Now, the obvious objection here is that the tax code doesn't work that way. A tax increase affects the marginal dollar that a person gains. That's means only every dollar over $250,000 is taxed at a higher rate. Obama is not proposing a tax system whereby somebody who goes from $249,999 to $250,000 suddenly becomes poorer. Nobody has ever enacted a tax hike like that in the history of the United States.
A lot of people, smart, informed people I've talked to don't understand this. They think if they make less money, they will take home more money after taxes. They think the current tax code discourages you from earning money. Some even earn less money based on this mistake. I wonder how many people out there make believe this. We need a poll. My guess is that millions of dollars and thousands of potential Democratic votes are going to waste because people don't understand the basics of marginal tax rates.
October 10, 2007
IRS V Pimps
Isaac Chotiner finds GOP Dark Horse Mike Huckabee wanting to unleash the IRS on pimps and hos. Interestingly, this is the second time I've seen this policy proposal. There is an element of the GOP that thinks one of the two things certain in life is going to end the worlds oldest profession.
April 17, 2007
HA HA
I would just like to take the time to note, on this tax day, that this year marks the first time in the recorded history of Craig that I filed my taxes on a day other than the last day.
That's right I did my taxes ahead of time! Woo.
That's right I did my taxes ahead of time! Woo.
April 17, 2006
Tax Day
To the surprise of absolutely no one, I have taken my full allotted time to pay my taxes. The deadline is midnight tonight, I figure I should have everything done by by about 11:47 or so. Seriously, I'm all done, I mailed mine off just now. Because I'm a political nerd, I turned on CSPAN. A bunch of anti-tax groups were doing their yearly whine about taxes. It's kind of soothing to have that on in the background when you are working on a tax worksheet that gives you back the same number you started with after seven steps. Today is the day to complain about taxes. Tuesday we will go back to using all the things that taxes pay for. The roads, the cops, the schools, the stuff I do for my day job, whatever it is that Tyler does for his day job and so on. So, today complain about the costs and tomorrow resume reaping the benefits.
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