G
Guns Guns Guns
Guest
The American Recovery and Reinvestment Act — the so-called “stimulus act” passed in 2009 — contained $237 billion in tax cuts for individuals and $51 billion for businesses.
This included a payroll tax credit of $116 billion for those earning less than $75,000.
Workers paid a little less each week in their payroll taxes, which may be why they didn’t notice the extra money like they did when stimulus checks were sent out under President George W. Bush.
The nonpartisan Tax Policy Center estimated that the cuts saved 97 percent of U.S. households an average of $1,179 in 2009, and the program was extended in 2010.
The budget compromise with Republicans at the end of last year also ended up meaning lower taxes for most — about 80 percent of taxpayers, according to the Tax Policy Center.
Are they lower than under Reagan and Clinton, though?
The Tax Policy Center last week released an analysis called “Historical Federal Income Tax Rates for a Family of Four.”
It looked at the average income tax rate based on the median income for a family of four from 1955 through 2010.
The average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.
The verdict: For most Americans, taxes were lowered through the stimulus package passed in 2009 and extended to 2010, and they were also lowered in the tax compromise between Obama and Republicans.
Current rates are at historic lows compared with ones from 1955 — when the numbers started being tracked — through 2007.
http://www.rgj.com/article/20110421...-lower-under-Obama-than-under-Reagan-Clinton-
This included a payroll tax credit of $116 billion for those earning less than $75,000.
Workers paid a little less each week in their payroll taxes, which may be why they didn’t notice the extra money like they did when stimulus checks were sent out under President George W. Bush.
The nonpartisan Tax Policy Center estimated that the cuts saved 97 percent of U.S. households an average of $1,179 in 2009, and the program was extended in 2010.
The budget compromise with Republicans at the end of last year also ended up meaning lower taxes for most — about 80 percent of taxpayers, according to the Tax Policy Center.
Are they lower than under Reagan and Clinton, though?
The Tax Policy Center last week released an analysis called “Historical Federal Income Tax Rates for a Family of Four.”
It looked at the average income tax rate based on the median income for a family of four from 1955 through 2010.
The average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.
The verdict: For most Americans, taxes were lowered through the stimulus package passed in 2009 and extended to 2010, and they were also lowered in the tax compromise between Obama and Republicans.
Current rates are at historic lows compared with ones from 1955 — when the numbers started being tracked — through 2007.
http://www.rgj.com/article/20110421...-lower-under-Obama-than-under-Reagan-Clinton-
