Tea Party: Palin’s Pet, Or Is There More To It Underneath

By Ashley Jones on October 5, 2010, 6:40 am Posted in Finance News

The Tea Party was born Feb. 20 2009, during a conference call with 50 conservative activists. Their Leadership consists of 35 businessmen and women, 13 of which live in Texas. Other members include two political writers, Michael Patrick Leahy, a Harvard Graduate, businessman and political activist, and Michael Johns, a New Jersey Health Care Executive and former White House speech writer.

What Are Their Current Goals

What exactly is the Tea Party protesting? According to their website, they oppose big government, high taxes, political correctness and “Obama Care.” They resent that “half of the people are paying all the taxes, while the other half don’t pay.” Their latest goal is to “Fire the 219” (Democrats in the House.) The main thrust of their complaint is high and unfair taxes for the rich.

What Are The Facts

What are the differences in Tax Rates over the last 60 Years? The 2010 tax rates range from 10% for under $8,375 to 35% for those making more than $373,650. Those near the national average pay 15%.

In 1950 the tax brackets started at 20% and ranged to 91% for everyone making more than $200,000 (married filing separately.) In 1982 the higher incomes were suddenly dropped from the table and everyone making over $42,000 per person was taxed 50% and no more.

In 1987 Ronald Regan changed the tax rate to a range between 11% and 38% almost identical to the current structure, except the highest rate was for incomes over $45,000. From 1993 to 2010 taxes have remained virtually the same, and very similar to Regan’s taxes, except for the gradual increase from $45,000 to $373,650 for the highest bracket. This represents a gradual change. Despite all the propaganda on both sides, the rich are not paying a higher percent than they have been in the past.

 

Are There People Who Don’t Pay Taxes

The jobless rate and underemployment have resulted in many people not making enough to pay taxes. These people are living in poverty. It was the same during the great depression. Those who don’t have an income don’t owe income tax.


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