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View Diary: Socialism — what it isn’t (117 comments)

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  •  Wrong. They paid roughly 55% effectively. (4+ / 0-)

    When the top rate was 91%, the richest Americans paid effective rates in the 55% realm.

    Today, you have your Romney's who make tens of millions and pay less than 14%.

    That never happened in the 30s, 40s, 50s and 60s. There were actually fewer loopholes and the capital gains tax was double or triple what it is now.

    More money was spent on production than pure speculation, too, as the financial markets were far more regulated. They were opened waaay up in the early 70s with neoliberalism and the Empire Strikes Back.

    It's a right-wing myth that the rich paid the same effectively then as now. They pay far, far less today. It's not even close.

    •  Please provide your source for this (1+ / 0-)
      Recommended by:
      Sparhawk
      When the top rate was 91%, the richest Americans paid effective rates in the 55% realm.
      The CBO data, which is based on IRS information, dates back only to 1979, when the top marginal rate was 70%.  (See, for example, PDF here).

      As far as I know, there is no similar analysis based on IRS data (which would be the only accurate way to do it) prior to 1979.  

      If you have that kind of data, please direct me to it.  

      Otherwise, I have to completely discount what you are saying.  

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