quote:
Clinton raised taxes, as we all know, and tax revenues went up every year. Doesnt that also refudiate the taxation meme that the RepubTeaCons have been, and always, push?
Remember the Taxpayer Relief Act of 1997, it contained "tax breaks for the wealthy" (such as capital gains tax breaks and also Estate taxes ). Now look again at the chart for Clinton's highest years.
quote:
CAPITAL GAINS TAX RATES
The top capital gains tax rate, which had been 28%, is lowered to 20%. People in the 15% income tax bracket will pay 10% on capital gains. The new rates apply to investments held for more than a year and sold after May 6, 1997, and before July 29, 1997. For assets sold July 29th or later, the lower rate will apply only if the assets have been held more than 18 months. Depreciated real property is subject to special recapture provisions.
Assets purchased in 2001 and later and held for more than five years will be taxed at an 8% rate for lowest bracket taxpayers and at 18% for the higher bracket taxpayers. To utilize the 18% and 8% rates on capital gains on property held more than five years, you can elect to treat certain property held prior to January 1, 2001 as having been sold and repurchased. You would be required to pay taxes on any gain. Losses are not deductible.
ESTATE TAX CHANGES
The current $600,000 estate tax exemption will increase gradually to $1 million by the year 2006. The increases are as follows:
1998 $625,000
1999 $650,000
2000 $675,000
2001 $675,000
2002 $700,000
2003 $700,000
2004 $850,000
2005 $950,000
2006 $1,000,000
Family farms and small businesses may qualify for an exemption of $1.3 million, effective in 1998.
http://www.filetax.com/97taxact.html