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post #1 of 3 Old Mar 15th, 2008, 6:58 pm Thread Starter
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Interesting tax comparisons

Are Americans really paying more in taxes under Bush like the media says?

http://www.taxfoundation.org/blog/show/22958.html


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post #2 of 3 Old Mar 15th, 2008, 7:40 pm
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Question Re: Interesting tax comparisons

Unfortunately taxes are only the tip of the iceberg, especially since the comparison only shows income tax and does not consider sales tax, and the myriad of other taxes.
Also the cost of vital items such as housing, food, transportation, etc... are not discussed in the chart, nor is the level of unemployment.
In addition we have to consider the cost of the war that is mostly borrowed and will have to be re-paid during the next few decades.
I think the question is not so much how much taxes are we paying now vs. before, but rather are we better or worse off in our finances, and will our children be better or worse off.
I have seen the decline in the school system in CA, as well as in public services. I am sure many other states are feeling the pinch.
How do we fix our economy? More taxes? Flat tax to replace income tax?
???

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post #3 of 3 Old Mar 15th, 2008, 8:23 pm
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Re: Interesting tax comparisons

Interesting but not really a solid way to calculate.. back in 1999 the standard deduction was less and I would itemize and get more back than standard deduction. Now even though I live in the same house and have virtually the same things to Itemize, I don't get over the standard deduction. And now my wifes student loan interest in no longer deductible because of changes.

Also if you check, from 2001 to 2005 the average income went down 2.4%. So even if people are not paying as high a percentage in tax, on average people are making the same or less and with the price of everything going up they have less buying power.

It is pretty much a wash.

Fact is the portion of US revenue that goes to the top 1% of the richest in the US has gone up every year for the last 20 years. Both parties are letting big business suck the working man dry.
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