The Disingenuous Left
I have been in “discussions” with a couple of my Leftist friends. Both spouted the exact same Dem talking points: “Life was good and we were prosperous when the top income tax rate was 90%, or even 70%”
Okey Dokey…in 1980 (when the GREAT Jimmah Carter was President) the rates in effect are those shown in column 3, for the income ranges in columns 1 & 2. THEN, I have used the Consumer Price Index multiplier from the BLS to indicate equivalent income ranges today (column 4 & 5). Finally, way out in column 6 are the rates in effect now…thanks to the EVIL George W. Bush.
Simply find your income range in columns 4 & 5, and then note the column 3 tax rate, versus the column 6 tax rate. The 2012 ranges are slightly different…so they don’t match up perfectly…but close enough.
Thus, for example, if you’re income range TODAY is $61,500 to $74,750, you are paying a %15 tax rate. But if we go back to the good old days of Jimmah Carter…you get to pay 32%. Over double. Good news, eh? (remember, Joe Biden says “Taxes are patriotic!”)
But disingenuous Left wants to leave all the rates as they are…except one rate: those over $250,000. Most of them now pay between 33% and 35%…and would (per the Left wet-dream) pay 59% to 70%.
Reality, of course, is that raising just ONE set of rates will raise $87 billion a year against an annual deficit of $1.4 TRILLION…yet raising just ONE rate is all the Left proposes. So ya gotta raise ‘em all…sorry folks.