lets get the correct information posted.
Here is the disclaimer on the bogus information posted. It is from
http://www.taxfoundation.org/blog/show/22958.html "Recently an incorrect comparison of income taxes under Presidents Clinton and Bush has been making the rounds of the Internet, showing up in forwarded e-mails and on numerous blogs and message boards. (See examples here, here, here, and here.)
This message shows that income taxes under George Bush are lower than income taxes under Bill Clinton, and it relies on Tax Foundation data to make this comparison. The author used a Tax Foundation chart showing the federal individual income tax rates and brackets from 1913 to the present to calculate the income taxes paid by hypothetical married and single taxpayers at various income levels under 1999 tax law and 2008 tax law.
While the basic message of the comparison is correct (federal income taxes have indeed fallen under George Bush for groups at all points on the income spectrum), the chart created by the author of this comparison contains some mathematical errors. Furthermore, the comparisons are exaggerated by the fact that annual inflation adjustments in the tax code would have lowered tax bills in 2008 relative to 1999 under a constant nominal income amount.
The table below presents the correct amount of tax paid by each of the hypothetical taxpayers in the comparison. Note that this comparison does not take into account the Alternative Minimum Tax, and the taxpayers in these examples take the standard deduction and do not have children"
Individual Income Taxes Under Presidents Clinton and Bush, 1999 Law and 2008 Law
For taxpayers who take the standard deduction and have no children
Taxpayer Tax under Clinton, 1999 tax law Tax under Bush, 2008 tax law
Single, income of 30,000 $3,157.50 $2,756.25
Single, income of 50,000 $7,262.50 $6,606.25
Married, income of $50,000 $5,085.00 $4,012.50
Single, income of $75,000 $14,262.50 $12,856.25
Married, income of $75,000 $9,426.50 $7,762.50
Single, income of $125,000* $29,378.50 $26,472.25
Married, income of $125,000* $23,426.50 $19,462.50
And while there is a lower amount under Bush the Clinton rates are not what was previously posted. As an example the previous data claimed the tax on a single income of $ 30,000 under Clinton was $ 8,400 when in fact it was $ 3,157. The result was an error of claiming the difference between the Clinton and Bush taxes was $ 3,900 while the actual difference is only $ 401. The previous data was in error by $ 5,243.
I not defending Clinton or Bush. I simply want the information being posted to be the correct information and not bogus BS that distorts the facts. When a source is cited it should be accurate as to the contents of the information.