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DB

Joined: 09/27/2006 Posts: 14120
Likes: 318


Or prorate taxes have never exceeded 50%


The "90%" rate was on individual income. And that was a marginal tax on incomes over $200K for an individual and $400K for a couple. Therefore the actual rate paid never exceeded 45%. And when you adjust for inflation to today, the ceiling is anywhere from $1.7 million to almost $8 million.

No matter what tax rates have been used, tax revenue, income tax that is, has always been around 20%. The top 1%'s contribution to income tax revenue has doubled since 1980 from about 15% to around 30%. Te top 20%'s contribution has risen from 55% to 70%.

(In response to this post by buffdad)

Posted: 02/13/2016 at 10:26PM



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Current Thread:
 
  
I like Ike -- buffdad 02/13/2016 12:53PM
  Or prorate taxes have never exceeded 50% -- DB 02/13/2016 10:26PM
  Misleading -- buffdad 02/13/2016 2:20PM
  Re: I like Ike ** -- buffdad 02/13/2016 12:55PM
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