rssMiddle Class Taxes at Historic Lows
Thursday, April 15, 2010 at 10:13 am
- 65 Comments
It’s tax day, meaning there will be no end to the rhetorical grandstanding from conservative lawmakers about how the Democrats’ “tax-and-spend” policies are stifling the economy and preventing average folks from achieving the American Dream.
Conveniently, they will ignore these new numbers from the Tax Policy Center, a joint project of the nonpartisan Urban Institute and Brookings Institution, which found that, however you slice them, federal taxes on the median middle-class family are just about at five-decade lows. The Center on Budget and Policy Priorities, a liberal policy group, explains:
This year, the Making Work Pay tax credit, which President Obama and Congress enacted as part of the 2009 American Recovery and Reinvestment Act, is providing a credit of $800 to married joint filers ($400 to single filers). A median-income family with two children thus will receive an $800 tax cut in the return it files this year.
With the new tax cut, the median family’s federal income taxes will equal just 4.6 percent of its income in 2009. That is lower than in any year since 1955 (the first year for which these data are available) except for 2008, when another stimulus-related tax cut was in effect.
You think those numbers would be cheered by the Tea Party crowd. They haven’t been. Instead, you’ve got Rep. Mike Pence (R-Ind.) taking to the chamber floor and condemning Democrats for “a budget with record taxes and spending that will add a trillion dollars to the national debt in the next ten years.”
They passed a national energy tax called cap and trade that will cause utility rates to go up on small businesses and family farms and businesses across this country by hundreds of billions of dollars. And we just passed ObamaCare with $600 billion of tax increases.
And it isn’t even noon yet.
65 Comments
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Comment posted April 16, 2010 @ 8:12 am
I don't think liberals get it Most tea party people know that taxes are currently lower for the middle class. The problem is is the last two administrations are spending us to oblivion. Which means that sooner or later, the middle class will be paying more in taxes.
The federal government is like my friend's kid, who buys everything on layaway (not having to pay until one year later). When the parent attempts to tell the kid that he will have higher monthly payments, the kid's logic is, “Gee, Under this current arrangement, I currently have lower monthly expenses”.
The problem is not “Gee, taxes are lower now”. The problem is “Gee, someone has to pay for all this government spending, and common sense says that it will be in future middle class taxes”.
Comment posted April 16, 2010 @ 8:15 am
“People see the massive spending [of the administration], and they correlate high spending and high deficits with future tax increases,” Dubay from the Heritage Foundation said. “I think that's where a lot of the anger comes from for the Tea Party.”
From a CBS article…
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Comment posted April 17, 2010 @ 2:23 pm
I'm an Obama supporter but I see the report above as disingenuous. The tax effects reported are temporary due to short-term stimulus policy, and in some respects ride the coattails of the (irresponsible) tax policies of the Bush administration just ended. I favor Obama's policies, but this is measuring the wrong thing. Jobs, equity values (stocks and homes) and long-term debt will be the real measure and they will not be known for years.
It's also not right to complain about the short term deficit, since that is what is keeping us from another depression, the “W” Depression. “Normal Tea Party Person” seems not to have the neccesary knowledge of history or economics to understand that. And that's the Tea Party in a nutshell.
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