Posted: Jun 25, 2008, 11:41 AM CST
Sparky55 wrote:Opal,
Can you clarify this. The web site you cited does not include the text you wrote. I'm thinking you may have cited to wrong site by mistake.
What the article does say on page 2 is:
There have been three tax cuts for individuals under President Bush. The top tax rate on compensation was trimmed twice and is now 35 percent, from 39.6 percent when President Bush took office. Most compensation also faces a 1.45 percent Medicare tax, which is matched by the employer, making the effective federal tax rate on high earners 37.9 percent.
Then, the top rate for most investment income was reduced to 15 percent in 2003, from the 39.6 percent for dividends and 20 percent for profits on asset sales that were in effect when Mr. Bush took office.
A result is that the wealthiest Americans now pay much higher direct taxes on money they work for than on money that works for them.
This doesn't match what you posted (Current 26.7%). Also, if you cut and pasted that from an article they made an error. It states the tax was 33% to 26.7% for a decrease of 19%. This is ofcourse an error since 33 - 26.7 is 4.3 or 13% (4.3/33)
Anyway, taxes are pretty damn confusing. Just trying to figure this one out.
http://www.cbsnews.com/stories/2004/08/16/politics/main636398.shtml
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