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Old 01-13-2020, 09:50 AM
Wesley Clark is offline
Join Date: Aug 2003
Posts: 22,915

How did Bill Clinton and Barack Obama make the tax code more progressive

Just out of curiosity, I'm wondering what tax laws they passed to make the taxation system more progressive (tax hikes for the well off, tax cuts for everyone else).

Bill Clinton
  • Eliminated the cap on the 2.9% medicare taxes. Used to be capped at around 120k income like social security, now it applies to all income.
  • Raised the federal income tax rate on high income earners
  • Passed the earned income tax credit

Barack Obama
  • Raised the medicare tax on high income earners to 3.8%, also applied the tax to investment income.
  • Passed a social security tax cut as part of the stimulus package
  • raised the tax rate on capital gains and dividend income for high income earners from 15% up to 20%
  • Raised the federal income tax rate on high income earners
Sometimes I doubt your commitment to sparkle motion


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