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Re: The 'Real' Tax Rates on Top Earners 

By: joe-taylor in FFFT | Recommend this post (3)
Tue, 11 Feb 14 4:28 PM | 73 view(s)
Boardmark this board | Food For Further Thought 		Msg. 61033 of 65535
(This msg. is a reply to 61021 by Zimbler0)
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I really do believe that you think that we are really stupid and naive here!

Just to point out: When Ronald Reagan was president his tax cuts rang up between three and four trillion dollars of deficit. When George W. Bush was president, his tax cuts rang up over six trillion dollars more of additional deficits.

These things occurred because less tax revenue was coming in, thus negating your rather stupid thesis that we were paying the same effective tax rate in the fifties as we are paying now! In the fifties we were balancing the budget!

And, by the way, it is also interesting to note that you are pushing this lie about similar tax rates in the fifties and now because it fits into your ideas about starving the government by running deficits thus giving you the ammunition to destroy the social safety nets that have been in place since the 1930's and the 1960's. And, by the way, we all happen to know who the WSJ is owned by and the agenda that they promote.


Joe


To say that "God exists" is the greatest understatement ever made across space and time.


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The above is a reply to the following message:
Re: The 'Real' Tax Rates on Top Earners
By: Zimbler0 in FFFT
Tue, 11 Feb 14 5:52 AM 		Msg. 61021 of 65535

Joe,
The world does not work the way you wish it did.

It works the way it works.

Try chewing on this article.

http://online.wsj.com/news/articles/SB10001424127887324705104578151601554982808

The Fantasy of a 91% Top Income Tax Rate

. . .

In 1958, the top 3% of taxpayers earned 14.7% of all adjusted gross income and paid 29.2% of all federal income taxes. In 2010, the top 3% earned 27.2% of adjusted gross income and their share of all federal taxes rose proportionally, to 51%.

. . .

The tax code of the 1950s allowed upper-income Americans to take exemptions and deductions that are unheard of today. Tax shelters were widespread, and not just for the superrich. The working wealthy—including doctors, lawyers, business owners and executives—were versed in the art of creating losses to lower their tax exposure.

>>>

(Much was skipped.
Also, note that this was from the Wall Street Journal. Zim.)

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