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Almost no one paid these predatory marginal rates. People respond to incentives. > Data from the White House’s Office of Management and Budget show that federa
by gbacon 2y ago
Almost no one paid these predatory marginal rates. People respond to incentives.
> Data from the White House’s Office of Management and Budget show that federal income tax receipts as a percentage of GDP have fluctuated between 5.6 percent and 9.9 percent since 1950, despite dramatic changes in the top marginal income tax rate.
https://checkyourfact.com/2019/01/09/fact-check-90-percent-taxes-eisenhower-1950s/ https://checkyourfact.com/2019/01/09/fact-check-90-percent-t...
- ks2048 2y ago"almost no one" is consistent with the ultra-high income earners (e.g. top 10,000). This article sites Piketty and Saez, "the top 0.01 percent paid an average total federal tax rate of 71.4 percent in 1960 compared to 34.7 percent in 2004". Okay, 71.4% is not %90, but still pretty high.
- hindsightbias 2y agoPeople dreaming of going back to Leave It To Beaver times might want to rethink that.