- Banned
- #981
Do you realize that they were not paying those amounts because of tax deductions?
You are the one that is believing the lefty talking points that the rich actually paid 90% ,70% and 50% when they didn't.
Liberals often claim that the rich paid a 91% income tax rate during the Eisenhower years, and while it is true that the top marginal rate was 91% from 1954 to 1963 that is not what matters. The important part is how much the rich actually paid.
Here were the effective individual income tax rates of the 3 very high income AGI groups.
$200,000-$500,000 group: Tax as Share of Amended AGI (%)
1953 = 45.9
1954 = 39.3
1955 = 36.8
1956 = 37.4
1957 = 38.6
1958 = 36.9
1959 = 33.8
1960 = 33.1
1961 = 31.5
$500,000-$1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 46.3
1954 = 38.7
1955 = 35.6
1956 = 36.7
1957 = 36.6
1958 = 36.0
1959 = 32.1
1960 = 30.8
1961 = 29.1
Over $1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 49.3
1954 = 38.8
1955 = 35.8
1956 = 36.1
1957 = 40.0
1958 = 33.1
1959 = 30.6
1960 = 31.3
1961 = 27.2
SOURCE: William Williams, The Changing Progressivity of the Federal Income Tax, National Tax Journal (1964)
Quote:
In 1954, for example, the 0.3 percent of the taxpayers with more than $40,000 AGI reported almost $13 billion in AGI (including 100 percent of capital gains but excluding exempt interest); yet their effective tax rates ranged from as little as 27 percent to 39 percentfar from the infamous rates conjured up by the Code tables.
So the rich really didn't pay anything close to 91% during the Eisenhower years, and their effective tax rate was steadily reduced.
Look at how well Hong Kong and Singapore are doing because of their economic freedom of lower taxes and less regulations.
South Africa has discovered the same thing and lowered their taxes and regulations and they are starting to do really well.
we need higher taxes.
No, we need more revenue and less spending. Though one could argue the bottom 51% should have some responsibility above zero for funding their government.
It seems like you should return to poverty so you can cut back on taxes. You said that being poor was easy and now you're saying that being wealthy is hard because of taxes. Give yourself a break. Rejoin the poor.