1 Taxable income excludes zero bracket amount from 1977 through 1986. Rates shown apply only to married persons filing joint returns beginning in 1948. Does not include either the add on minimum tax on preference items (1970-1982) or the alternative minimum tax (1979-present). Also, does not include the effects of the various tax benefit phase-outs (e.g. the personal exemption phase-out). From 1922 through 1986 and from 1991 forward, lower rates applied to long-term capital gains.
2 After earned-income deduction equal to 25 percent of earned income.
3 After earned-income deduction equal to 10 percent of earned income.
4 Exclusive of Victory Tax.
5 Subject to the following maximum effective rate limitations.
[year and maximum rate (in percent)] 1944-45 –90; 1946-47 –85.5; 1948-49 –77.0; 1950 –87.0; 1951 –87.2; 1952-53 –88.0; 1954-63 –87.0.
6 Includes surcharge of 7.5 percent in 1968, 10 percent in 1969, and 2.6 percent in 1970.
7 Earned income was subject to maximum marginal rates of 60 percent in 1971 and 50 percent from 1972 through 1981.
8 Beginning in 1975, a refundable earned-income credit is allowed for low-income individuals.
9 After tax credit is 1.25 percent against regular tax.
10 The benefit of the first rate bracket is eliminated by an increased rate above certain thresholds. The phase-out range of the benefit of the first rate bracket was as follows: Taxable income between $71,900 and $149,250 in 1988; taxable income between $74,850 and $155,320 in 1989; and taxable income between $78,400 and $162,770 in 1990. The phase-out of the benefit the first rate bracket was repealed for taxable years beginning after December 31, 1990. This added 5 percentage points to the marginal rate for those by the phaseout, producing a 33 percent effective rate.
11 Rates for 2003 are after enactment of the Jobs and Growth Tax Relief Reconciliation Act. Prior to enactment the rates were 10% up to $12,000 and 38.6% on amounts over $311,950.
12 The 2011 rates were extended for two years after enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Sources: Joint Committee on Taxation, "Overview of Present Law and Economic Analysis Relating to Marginal Tax Rates and the President's Individual Income Tax Rate Proposals" (JCX-6-01), March 6, 2001, and Congressional Research Service, "Statutory Individual Income Tax Rates and Other Elements of the Tax System: 1988 through 2008," (RL3449 May 21, 2008. Tax Foundation, "Federal Individual Income Tax Rates History: Income Years 1913-2011,"
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The Fair Tax Act would promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Legislative Status:
The FairTax has been reintroduced for the 111th Congress. It is H.R. 25 in the House and S. 296 in the Senate. NTU has endorsed the FairTax since 1998 and continues to work for its adoption.
Benefits of the FairTax:
The FairTax plan brings fairness, transparency, and efficiency to our unfair, complex, and confusing Tax Code.
The FairTax rewards job creation, hard work, and individual responsibility. By doing away with payroll taxes, companies can afford to hire more employees and outsourcing looks less attractive. By taxing consumption instead of income, individuals are provided with a strong incentive to work hard because they keep more of what they earn. By taxing spending, the FairTax allows us to control how much tax we pay depending on our individual lifestyle choices.
The FairTax ensures that all Americans pay their fair share of taxes. The IRS currently admits to a 25 percent non-compliance rate with the Tax Code, often done unintentionally. By placing the tax at the point of sale, no individual or special interest group could evade taxes with the help of an expensive tax attorney or well-heeled lobbyist. Furthermore, we could stop making criminals out of ordinary Americans who prepare their tax returns incorrectly by mistake.
How the Plan Works:
The FairTax proposal is a comprehensive revenue plan that would eliminate most major federal income and payroll taxes, including personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes. On payday, every American would receive 100 percent of his or her paycheck, minus any state income taxes.
These federal taxes would be replaced by a national retail sales tax. Under the FairTax, the national sales tax rate initially would be 23 percent, with adjustments made to the rate in subsequent years.
The FairTax is progressive. To make this system fair for low-income Americans, all taxpayers would receive a monthly "prebate," so no one would pay taxes for consumption up to the poverty line.
The national retail tax would only be collected on new purchases, making "used" purchases tax-free. Additionally, business purchases would be exempt from the tax, thereby eradicating corporate tax compliance costs currently hidden in retail prices.
What You Can Do: •Sign NTU's online petition. •Download our FairTax flyer (PDF). •Make a financial contribution to help spread the word about the FairTax. •Visit FairTax.org for additional information. •Watch this online video about the FairTax. •Ask your Representative and Senators to cosponsor H.R. 25 and S. 296 and then vote for the FairTax when it reaches the floor.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
VIENNA – The eurozone debt crisis has grown to threaten banks and the wider economy, European Central Bank president Jean-Claude Trichet warned Tuesday, as Greece awaited approval of bailout loans it needs to avoid bankruptcy.
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Greece's international debt inspectors completed their review of the government's reforms, saying Tuesday that if their conclusions are adopted by the eurozone and International Monetary Fund, Athens is likely to receive the next batch of its bailout loans in early November.
But those loans aren't averting a larger crisis.
The inspectors said Greece's deficit targets for 2011 were "no longer within reach," and while new austerity measures for 2012 are adequate, more is needed for 2013-14.
The report by the officials from the International Monetary Fund, European Commission and European Central Bank, collectively known as the troika, potentially averts a bankruptcy looming over Greece.
In the euro zone
Countries that use the euro currency: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain
But their call for new measures reinforces the view that Europe's strategy in getting Athens out of its debt hole is not working as hoped and that an alternative approach is needed.
Speaking as head of the eurozone's new risk-watchdog, the European Systemic Risk Board (ESRB), Trichet earlier told a European parliament Committee in Brussels that market fear about government debt has spread to capital markets around the world and is drying up bank funding.
"The banking sector in Europe needs recapitalization, that is part of our message," Trichet said.
Now "it is a matter of urgency" that governments move "decisively to tackle" the crisis, he said. "The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion."
Trichet's warning came as Jean-Claude Juncker, prime minister of Luxembourg and head of eurozone finance minister meetings, said Greece's bondholders would have to take sharp writedowns.
He was quoted late Monday by Austrian state broadcaster ORF as saying that eurozone countries are "talking about more" than a 50% to 60% haircut for holders of Greek debt, though his spokesman later corrected his statement to say he meant more than 21%.
Experts and investors believe Greece's debt situation is untenable, even with more reforms and austerity measures, and will need to write off some of the money it owes bondholders.
Greece's second bailout, which was agreed in July but has yet to be finalized, proposed a 21% cut in debt repayments to bondholders. Economists, however, say a 50% reduction would be necessary.
In the near term, Greece depends on regular installments of bailout loans, but whether it gets the next euro8 billion ($10.9 billion) will depend on a review of its reforms by international debt inspectors that wrapped up Tuesday.
The International Monetary Fund, European Central Bank and European Commission are checking whether Greece has done enough to qualify for the next batch of its vital international bailout loans. Without them, the country will run out of money to pay pensions and salaries by mid-Novemeber and could be unable to repay bondholders in December.
As the debt inspectors concluded their talks, protests caused more disruption in the capital.
Workers at a key refinery went on strike, sending motorists who feared a fuel shortage to form huge lines at gas stations to fill up. A strike by municipal workers has left garbage piling up in in mounds on city streets for days. Protesters have also staged sit-ins of state buildings, including those of the water company.
Greece has been locked out of the international bond market for more than a year due to the high interest rates demanded for its bonds, but regularly issues short-term treasury bills.
The country raised euro1.3 billion ($1.8 billion) Tuesday in the auction of 26-week treasury bills at an interest rate of 4.86%, marginally higher than the 4.8% yield in a similar sale Sept. 6, the debt management agency said.
Demand was also slightly lower, with Tuesday's sale 2.73 times oversubscribed compared with 3.02 times in September. The country had initially been seeking to raise euro1 billion.
———
Becatoros contributed from Athens. Juergen Baetz in Berlin and Gabriele Steinhauser in Brussels also contributed to this report.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
World Bank Urges Education System Tailored To Labor Market Demands
October 14, 2011, 3:23am
MANILA, Philippines — Making the Philippines’ higher educational system more responsive to labor market demands and the economy as a whole will boost the country’s drive for growth and global competitiveness, says a new World Bank East Asia and Pacific Regional Report.
Titled “Putting Higher Education to Work: Skills and Research for Growth in East Asia,” the report says that the Philippines – along with other low- and middle-income countries in the East Asia and the Pacific Region – has started climbing the technology ladder and assimilated important technologies by becoming more open, developing infrastructure and improving its manufacturing industry. Nevertheless, the country needs to further improve its capacity for innovation in order to rise up the income ladder.
The report sheds light on the functional skills that workers must possess to be employable and to support firms’ competitiveness and productivity. It also examines how higher education systems can produce research that will help apply, adapt, and develop new technologies that will drive growth.
“The Philippines has made impressive gains in expanding access to higher education. Demand for tertiary graduates continues to grow. To sharpen the country’s technological edge and achieve higher productivity, the Philippines will have to address several skills gaps in its workforce,” said Ms. Chiyo Kanda, World Bank Acting Country Director.
Across the East Asia and the Pacific Region including the Philippines, employers expect workers, particularly those with higher education, to possess the technical, behavioral, and thinking skills to increase their productivity and growth, says the Report.
They need skills in science, technology, engineering, and mathematics (STEM). They also need problem solving and creative skills to support a higher value-added manufacturing sector, and the business, thinking, and behavioral skills for a higher productivity service sector.
Many firms face the challenge of hiring higher education graduates who simply do not have the right skills, and these skills mismatches have been widening between firms and employees at all employment levels.
The Report says that skills gaps are particularly large in the service industry, export sector, and technologically intensive sector representing a very serious bottleneck for innovation and productivity in the Philippines. Employers and employees find these gaps to be particularly severe in creativity, leadership, and problem solving skills, the report says.
The Report also highlights the importance of shifting investments towards building the country’s research capacity, particularly in higher education institutions.
“Quality research enables universities to produce ideas for the business community and contribute to technology upgrading in firms, generating knowledge and technological innovation,” said World Bank Lead Economist Emanuela di Gropello, lead author of the Report. “Low spending in research and development (R&D), low number of licenses, and low number of patents all indicates a low capacity for research and innovation.”
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Violence Breaks Out During ‘Occupy Wall Street’ March On Wall Street October 14, 2011 8:35 AM Police and protesters clash during the Occupy Wall Street protests on Wednesday. (credit: CBS 2)
NEW YORK (CBSNewYork) – Just a few hours after protesters learned they’d be able to stay in Zuccotti Park indefinitely, violence has broken out as a group marched away from it.
A group of protesters were headed south on Broadway toward the New York Stock Exchange. The group swelled quickly and wound up in a confrontation with police as they tried to gain access to Wall Street. A standoff occurred.
Police motorcycles were shaped like a V and moved toward the protesters in the stand off. One man lost his balance, and was run over by a police motorcycle. Police descended on the protester and got him out from under the bike, but violence broke out.
1010 WINS’ Steve Sandberg reported police descended on some protesters, wielding their night sticks and batons. A police captain reportedly hurled his megaphone and wound up rolling around in the street with a protester. Sandberg reports he himself was pushed around by police.
A number of arrests have been made, Sandberg reported.
The protesters wound up circling back and returned to Zuccotti Park, Sandberg reported.
Check back with CBSNewYork.com soon for more on this developing story.
Solidarity hero Lech Walesa is flying to New York to show his support for the Occupy Wall Street protesters.
"How could I not respond," Walesa told a Polish newspaper Wednesday. "The thousands of people gathered near Wall Street are worried about the fate of their future, the fate of their country. This is something I understand."
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
When half of the people get the idea that they do not have to work, because the other half is going to take care of them, and when the other half gets the idea that it does no good to work, because somebody else is going to get what they work for, that is the beginning of the end of any nation!
So what your trying to say with these charts is that the greatest seperation between average wages and ceo wages happened in the 90's under Clinton's watch.
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
So what your trying to say with these charts is that the greatest seperation between average wages and ceo wages happened in the 90's under Clinton's watch.
IF that's all you learned from the charts Buck, then at least you learned something.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
IF that's all you learned from the charts Buck, then at least you learned something.
I'm just reading what they show...From (ca.) '94 - '00 ceo pay went from 140x - 500+x and the lowest in hourly pay was from '92 - '97.
Now, just for the record, I can believe the hourly wage chart because it comes from The Bureau of Labor Statistics...But the other 2 charts obviously come from a biased source, but I'll take them at face value for the sake of this argument
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
wallstreet wasn't in the business of paying wages.....they are in the business of paying DIVIDENDS for pensions/401k's and such.....especially the public sector pensions....the teachers unions not being the smallest offender.... and don't forget about the ratings business for the politicos.......
BIGGEST LIE TO A GENERATION
let your money work for you
SHOW ME THE $$ TRAIL
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
A protest by Hitler Youth about nothing. Somebody should chuck these flea baggers a bar a soap. Finally Mayor Bloomberg is going to take back the City park and clean out these dupes. Send a bill to Van Jones for the vandalism and destruction of park property.
May 21, 2008. Tax Foundation, "Federal Individual Income Tax Rates History: Income Years 1913-2011,"
Logged
A protest by Hitler Youth about nothing. Somebody should chuck these flea baggers a bar a soap. Finally Mayor Bloomberg is going to take back the City park and clean out these dupes. Send a bill to Van Jones for the vandalism and destruction of park property. 
