bripat9643
Diamond Member
- Apr 1, 2011
- 170,164
- 47,312
True perhaps for some, but it's GOP tax rates and policy that are screwing the non-rich in general.
Reagan and Bush, both cut rates for the non-rich.
Regan lowered the top 1%ers tax from 70 to 28 percent, while raising payroll taxes. Then, you can add increases in gas taxes and cigarette taxes.
Bush did lower taxes, enough to buy season tickets to your favorite team. But then he crashed the economy, which middle class and poor have yet to recover.
In 1981, married filing jointly, earnings between $24,600-$29,900 were in the 32% bracket.
In 1982, that dropped to 29%. In 1983, 26%. In 1984, 25%. In 1987, mostly the 15% bracket.
In 1988, entirely in the 15% bracket.
The brackets below those income levels had similar drops in rate.
http://taxfoundation.org/sites/taxfoundation.org/files/docs/fed_individual_rate_history_nominal.pdf
Again, you don't PAY tax rates. If you'll post your effective (actual) rate, my bet is that it went up.
Easy: Total federal tax paid ÷ total earnings.
What are "total earnings" as opposed to your taxable income reported to the IRS?
An IRS rule.
In other words, "total earnings" means total revenue. So the "effective tax rate" is nothing but a scam.