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View Diary: Take a Hard Line: We Should be Rolling Back the REAGAN Tax Cuts for the Rich, Not Just Bush (54 comments)

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  •  The class war really began with RR (2+ / 0-)
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    Roger Fox, Troubadour

    When Reagan left office, the bottom 30% or so (the bottom quintile and about half of the second quintile) actually paid more in taxes (total effective federal tax rate) than before all of his many actions on taxation.  

    This attachment is a must have:

    http://www.cbo.gov/...

    (More specific to this thread, I would not return to the 70% rate but Clinton's tax rates plus a 50% rate on income above $1M)

    (Though I would tax all income, estate taxes--with the $1M exemption--and Capital Gains, as ordinary income.)
     

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