Lots of airplay this morning of a sound bite from Sen. Barak Obama calling for a return to the tax rates you were paying back under former President Bill Clinton.
That might sound good, but a review of the facts indicates tax rates under Clinton were actually higher than under the present administration, and taxes owed for this year will be lower than those you paid under the Clintonian reign…based upon figures from The Tax Foundation.
Here's the math:
If you are married, earning $60-k a year, the taxes you would have paid in 1999 = $6,585 vs. your estimated tax bill for 2008 = $5,512.
For those of you who are married, earning an income of $125-k, your Clintonite taxes in 1999 would have been $23,426 vs an estimated 2008 tax bill of $19,462.
Return to the tax rates of Bill Clinton?
What is this guy thinking??