Posted By:
Ted ZanidakisMARC
Kennedy lowered that 91% rate to 70% and I think he lowered the taxes for the middle class, it was 45 years ago;
and, I don't recall all the details.
Clinton not only raised taxes (as you said) 31% to near 40%....he really hurt the retirees by raising their Social Se-
curity (SS) taxable amount to 85% in 1993.
For example....if you receive $12,000 in SS....85% of that is taxable, or approx. $10,000. Consider a retiree that is
in the 15% tax bracket....he or she have to give back to the government $1500 of their SS when they file their in-
come tax returns every year. And, mind you they had initially paid taxes on this SS.
This is blatant DOUBLE-TAXATION ! !
Clinton was lucky that he was in during a huge technology boom in this country, the economy thrived, irregardless
of his raising taxes. But, have you forgotten that a large component of that "economy" was based on the Dot.Com
"boom" whose bubble burst by 2000-2001.
I travel to Europe occasionally, the economy of most of those countries is suffering due to their high taxes and their
socialistic governments.
But, if you like higher taxes, don't let me dissuade you. But, you are in a minority in this country.
TED Z