Thursday, July 28, 2011

First Wallace Ad Hits The Airwaves

GOP gubernatorial candidate Jim Wallace hits the airwaves with his first ad. It seems to hint that he sees the Washington experience of U.S. Rep. Mike Pence as his opponent's Achilles' heel. Pence may just bolster that argument if he foolishly supports Boehner's plan to raise the national debt limit without first addressing Washington's appetite for taxing and spending.


CircleCityScribe said...

Wallace looks just like Lincoln Plowman!

Vox Populi said...

You realize taxes are lower than they've been practically since the income tax was introduced, right?

Mike Kole said...

Vox, I'm assuming that you're talking Federal taxes. Income tax rates are pretty low for some. There are also a whole lot more taxes now that weren't around in 1913 that affect some brackets more than others, such as the payroll tax.

Anyhow, in 1913, when the income tax was first levied, the brackets were 1% & 7%.

If you are talking about the top rate, it is the lowest now at 35% that is has been since 1992, when it was 28%. The top bracket has been at 35% for since 2003.

The bottom bracket is at the lowest now at 10% that it has been since 1941, when it was also 10%. The lowest bracket has been at 10% since 2002.

The highest tax years were 1952-53, when the lowest bracket paid 22.2%, and the highest paid 92%. 92%! A recession followed in 1953-54.

Not sure what point you're making, but I find Hauser's Law useful when considering where the rates should be set, and where federal spending should be set: