By JR on Tuesday, June 14, 2011
Leftists excel at those
Republican congressmen who attended the "frosty" meeting rolled their eyes when Mr. Obama told them federal income tax rates now are the lowest they've ever been, lower even than during the presidency of Ronald Reagan.
This was less untrue than, say, Mr. Obama's claims for the Chrysler bailout. For most of the Reagan presidency income tax rates were higher than they are now because Reagan inherited very high rates from Jimmy Carter.
But it still was untrue. When Ronald Reagan left office, there were just two income tax rates, 15 percent for those making less than $17,850 and 28 percent for those earning more than that. Today there are six rates, with the highest bracket paying 35 percent on income more than $379,150.