UnThreaded | Threaded | Whole Thread (32) | Ignore Thread Prev | Next
Author: Goofyhoofy Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Re: The "Recovery" and forced retireme Date: 8/21/2014 10:45 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 37
I suggest you go back and review the numbers. You didn't do a good job of cutting and pasting.

I didn't cut and paste, I typed. And yes, I didn't catch that there was an extra line for some reason between 1976 and 1977. which transposed the next several lines by one year. That is a mistake, but doesn't change the overall narrative: taxes are as low - or lower - than they were pre-Reagan, during Reagan, during Bush I, and during Clinton.

But, in the interest of correctness, here are the corrected numbers, along with some explanatory comments:

1972: 17.0
1973: 17.0
1974: 17.7
1975: 17.3
1976: 16.6
1977: 17.5
1978: 17.5
1979: 18.0
1980: 18.5
1981: 19.1
1982: 18.6 ~ (first year of Reagan tax cuts) ~ (deficit accelerates)
1983: 17.0
1984: 16.9
1985: 17.2
1986: 17.0
1987: 17.9
1988: 17.6
1989: 17.8
1990: 17.4
1991: 17.3
1992: 17.0
1993: 17.0
1994: 17.5
1995: 17.8
1996: 18.2 ~ (tax receipts begin to climb thanks to capital gains on stock market bubble)
1997: 18.6 ~ (more capital gains; higher salaries too)
1998: 19.2 ~ US budget goes into surplus
1999: 19.2
2000: 19.9
2001: 18.8 ~ budget surplus ends
2002: 17.0 ~ (Cheney convinces Bush "Deficits Don't Matter"; tax cuts passed)
2003: 15.7 ~ (deficits begin to accelerate. Spending for Iraq War begins)
2004: 15.6
2005: 16.7
2006: 17.6
2007: 17.9
2008: 17.1
2009: 14.6 ~ (tax receipts plunge as thousands fall into lower tax brackets or are unemployed)
2010: 14.6
2011: 15.0
2012: 15.2
2013: 16.7
2014: 17.3 ~ (estimate)
 

http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Doc...
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (32) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement