Effective Tax Rates over the Years

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Effective Tax Rates over the Years

Postby KeithE » Mon Oct 07, 2019 8:33 pm

Click here to see how the tax rates have changed since 1951. In 2018 the richest 400 Americans have a lower rate than any other income group.

This includes federal, state and local taxes. More info about this here.

For the first time in U.S. history, the 400 wealthiest Americans paid less in taxes last year than people in any other income group, thanks to decades of tax cuts and loopholes benefiting the rich.


"Inequality is driven by policy choices, not some inherent laws of nature," tweeted Don Moynihan, a professor at Georgetown University.


Of course I realize that the 400 richest pay more dollars but their rate is less than any other income group. This was not so until the Trump tax cuts and new loopholes. Our economy was best (growing more) in 1960’s (when the richest were taxed at >50%) than it is today.

Image

If we are doing nothing to control the highest salaries as is being suggested, we need to return to 50% or more tax rate for the wealthiest (they can easily handle it).

I have been preaching this for over 2 years now on BL. Inequality has only gotten worse.
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Re: Effective Tax Rates over the Years

Postby Dave Roberts » Tue Oct 08, 2019 6:28 am

And it will continue to grow worse if we continue to believe in Supply Side Economics (trickle-down theory). Prosperity does not grow from this and numerous studies have refuted it, but it still is "the gospel of the GOP."
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Re: Effective Tax Rates over the Years

Postby Tim Bonney » Tue Oct 08, 2019 7:57 am

Dave Roberts wrote:And it will continue to grow worse if we continue to believe in Supply Side Economics (trickle-down theory). Prosperity does not grow from this and numerous studies have refuted it, but it still is "the gospel of the GOP."


Yes, George H.W. Bush was right to call it "Voodoo Economics."
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Re: Effective Tax Rates over the Years

Postby Dave Roberts » Tue Oct 08, 2019 9:45 am

And, 41 was right.
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