Skip to main content

View Diary: Bartlett:  Teabaggers Totally Ignorant About Taxes (276 comments)

Comment Preferences

  •  Nope -- you're looking at the wrong chart (5+ / 0-)

    that first chart is total effective tax rate -- includes social security, corporate taxes, excise taxes, etc.

    I'm addressing the myth that, in the days of 70% top marginal rates, the myth paid a lot more in federal income taxes due to those 70% rates.  Those rates are federal income tax rates, so to see what those 70% rates actually meant in terms of how much of their income the rich actually paid in taxes pursuant to those 70% rates, you have to look at the second chart -- the effective federal income tax rates.

    Those 70% top marginal federal income tax rates, taking into account deductions, exemptions, and exclusions, meant that the rich paid an effective federal income tax rate of 21.8%.  Under 2006's top marginal federal income tax rate of 35%, after considering the drastically diminished exemptions, deductions, and exclusions available to the rich, they pay an effective federal income tax rate of 19%.  

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site