Considering at one point it was 90% and has fallen steadily for 35 years I’d say they are doing better than ever...bmw wrote: ↑Tue Feb 05, 2019 2:45 pmPeople who want to raise taxes on the super-rich obviously must think that the super-rich aren't already paying enough in taxes. How much of their income should they be required to donate back to society? Per taxfoundation.org, the top 1 percent of income earners make 20% of the income but pay nearly 40 percent of all the income taxes. And that latter number rose in 2015.
https://taxfoundation.org/summary-lates ... 16-update/
So the idea that the rich aren't paying their fair share is utter nonsense.
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Billionaires headed for more taxes?
Re: Billionaires headed for more taxes?
Re: Billionaires headed for more taxes?
It hasn't been falling steadily for 35 years. It was slashed 3 times under Regan and is currently up 9 points from where it was in 1988.
1981 - cut from 70 to 50
1987 - cut from 50 to 38.5
1988 - cut from 38.5 to 28.
Since bottoming out 31 years ago at 28 percent, the top rate bounced between 31 and 39.6 percent (and arguably as high as 43.4% if you count the additional amount added to the top bracket in 2013 by Obamacare).
Also remember that in 1986, when the top rate was cut to 28%, lawmakers at the time promised that it would never need to be raised again.
So why do we need to raise the top rate to pre-1983 numbers?
Re: Billionaires headed for more taxes?
Because tax cuts don’t stimulate economic growth... they just reduce revenue and widen budget deficits.. the “good old days” (50’s/60’s) that folks want to go back to had much higher taxes... since they have been cut things have gotten markedly worse... huh... just might be a correlation...bmw wrote: ↑Tue Feb 05, 2019 11:02 pmIt hasn't been falling steadily for 35 years. It was slashed 3 times under Regan and is currently up 9 points from where it was in 1988.
1981 - cut from 70 to 50
1987 - cut from 50 to 38.5
1988 - cut from 38.5 to 28.
Since bottoming out 31 years ago at 28 percent, the top rate bounced between 31 and 39.6 percent (and arguably as high as 43.4% if you count the additional amount added to the top bracket in 2013 by Obamacare).
Also remember that in 1986, when the top rate was cut to 28%, lawmakers at the time promised that it would never need to be raised again.
So why do we need to raise the top rate to pre-1983 numbers?