The Tax Plans Explained Graphically

Ken AshfordEconomy & Jobs & DeficitLeave a Comment

So Bush got tax cuts in 2003, set to expire this year.  What those tax cuts gave us was lots of deficits.  Oh sure, there was tons of economic growth, but the people who enjoyed that were generally the most wealthy.

Anyway, Bush's tax cuts are set to expire and Republicans want to extend them.

Obama wants tax cut's too, but not Bush's tax cuts.

So what's the difference in their plans?  Cue cool graph:

As you can see, for most people who make under $500,000, there's not much difference.   But when you get to people making over half a mill — and over one million — wow.

Republicans sure do like them rich people.

Of course, they'll also complain about how the deficit is destroying America.  So what's one way to reduce the deficit?  Don't give huge tax breaks to those with high incomes.