I’m really sick of hearing how “Obama’s going to raise taxes, just like Hoover did”. Obama has announced increase in income tax for those in top bracket (everything over $349,0000), Hoover raised income taxes across the board, by 25%-60%+, only 250% to 600% times more of an increase than Obama is discussing. Obama will raise top tax rate by from 35% to 39% an increase of less than 10% for all dollars earned over $349,000.
You folks really should read some history and get the facts straight.
SEE Tax Tables for rates at bottom of page: http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
The Hoover Tax increase:
The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by President Herbert Hoover.
the only source with some details: http://en.wikipedia.org/wiki/Revenue_Act_of_1932
So basically because Charlie Gasperino or the Fox “news” folks keep saying “he’s doing the exact wrong thing, just like hoover”, you guys are running around telling us the Sky is Falling. The truth is that Obama’s “tax increase” is restoring rates to where they were when there was a budget surplus -2000 and are considerably smaller than Hoover’s huge tax increase. You can still argue it’s too much, but your claims are about as valid as those who compare George Bush to Hitler.
Dom:
Once again, we can’t just continue to increase the national debt.
Doesn’t anyone have any common sense?
No. We keep adding more and more debt on to slow down the panic and the US dollar keeps getting stronger. Apparently the rest of the world think US debt is still rate “AAA as Sub-Prime” :roflmao: