Obama's Tax On Rich Is Actually Low

Ever since President Obama signed his stimulus package to help the United States out of the recession (depression?) the right-wing Republicans have been screaming about how he has raised taxes enormously. They have even been throwing the word socialism around rather freely.

They make it sound like everyone is going to be paying more taxes, but that is simply not true. About 95% of all taxpayers in the United States will actually receive a tax cut. The people the Republicans are whining about are the richest 5% of Americans. As usual, the only people the Republicans really care about are the rich.

But even if it is the richest 5% (those making over $250,000), has he really raised the rate to an outrageous level? Actually no. Compared to other presidents since World War II (including Republican presidents), the tax rate for the richest Americans is actually still going to be quite low. He is raising the rate back to where it was at the end of Reagan's second term -- 39.6%.

As the chart above shows, this is actually a pretty low rate for the top income earners. Here is what the top tax rate was during the terms of other Republicans:

REAGAN after second term.....39.6%

REAGAN after first term.....50%

NIXON.....70%

EISENHOWER.....91%

So don't let the Republicans fool you with their whining and spurious charges. They know Obama's rate is not out 0f line, but they just don't have anything else. The 2008 election, along with Obama's continuing popularity, has scared them. Now they are trying to scare Americans in an effort to get Obama's numbers down. How pathetic!