I have to laugh when they blame the recession on the tax cut we got last summer. Democrats (most of them) lie so much. Listening to them and news people you would think he cut Bill Gates's taxes in half last year and that's what caused the recession. The only thing that changed was the lowest tax bracket went from 15% to 10% on our first $6000 single/$1200 married(hence the $300 & $600 checks) and the other brackets 28,31,36,39.6 all dropped by 1% for <A HREF="http://www.savewealth.com/taxes/rates/single/index.html" target="_new">2001</A>The idea that cutting taxes always lowers the money the government takes in baffles me too. Reagan's tax cuts in 1986 syrocketed revenues in the years that followed. More jobs, more people/companies paying taxes. The problem was the government spent an even greater amount of money. Most people don't know the truth about <A HREF="http://www.taxplanet.com/library/oldtaxrates/oldtaxrates.html" target="_new">taxes.</A> Here is a summary.
Carter - lowest 14%, highest 70%
Reagan - lowest 11%, highest 50% (his 2nd year)
Reagan - lowest 15%, highest 28% (his last year)
Bush Sr- lowest 15%, 28% and 31%(read my lips)
Clinton- 15,28,31,36,39.6
Bush Jr- 10,15,27,30,35,38.6 (his 1st year)
Bush Jr- 10,15,26,29,34,37.6 (2004)
Bush Jr- 10,15,25,28,33,35 (2006)
I should mention there is of course a 0% bracket too. Currently the first $7450single/$13400married.