Forum Post: Taxes are low. Why are they crying?
Posted 13 years ago on Oct. 16, 2011, 1:46 a.m. EST by furight
(37)
This content is user submitted and not an official statement
First the Tea Party said "Taxed Enough Already". From 1932-1981 The top tax rate was between 63% and 94%. 1982-1986 it was at 50%. It is now at 35%. There has been only 5 years since 1932 that the top tax rate has been under 35%. Tax revenue as a percentage of GDP for 2009, 2010, 2011(est) are the lowest they have been since 1950. Number of millionaires 2007: 3.3 million 2010: 3.4 million. Their collective wealth 2007: 11.7 trillion 2010: 11.6 trillion. Next they argued that this was a spending problem. Spending as a result of new policy's implemented by bush 5.07 trillion. Spending as a result of new policy's implemented by obama (2009-2017 est). 1-2 trillion (they actually put it at 1.44 trillion but I am being generous). Spending cuts mean government workers will be fired. Some argue that these cuts will lead to LOWER TAXES and that will lead to job creation. Taxes have been at a historic low and we still haven't seen the jobs. Next they argued that the stimulus created NO jobs. The stimulus injected $821 billion into the economy. State spending cuts (2009-2012) $660 billion. Net stimulus: $161 billion. According to thew CBO the stimulus created between 1.3-3.5 million jobs.LOOK IT UP.