Re: Why I Pay Too Much in Taxes

[tcmay@got.net (Timothy C. May)]

At 1:17 PM 5/7/96, Clay Olbon II wrote:
>At 5:34 PM 5/6/96, Timothy C. May wrote:
>>Also, the effect of inflation has been to inflate salaries and thus inflate
>>people into higher tax brackets, even when their "real wages" have not gone
>>up.
>
>This used to be true.  A bill passed during the Reagan administration
>indexed the brackets to inflation to remedy this situation.  I don't know
>how succesful the bill was in eliminating "bracket creep", but that was the
>stated purpose.

No, it _still_ is true. One bill during one administration does not a major
change make.

Look at the actual rates, average salaries, increases, etc.

(Sure, there have been all sorts of rate increases, decreases, changes,
loopholes added, loopholes subtracted, etc. But the fact is that the
average starting salary for an EE was about $12,000 a year in 1975 and more
than 30,000 in 1995, with about the same buying power but with tax _rates_
dramatically higher.)

--Tim May

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