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

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  •  Where do those numbers come from? (0+ / 0-)

    As I have been saying, the numbers I have been seeing show that, pre-Reagan, the top 1% paid about 21.8% effective federal income tax rates pre-Reagan tax cuts, about 24% effective federal income tax rate under Clinton, and about 19% under Bush.  That's effective federal income tax rates -- i.e., the marginal rates applied against income, after taking into account deductions and exemptions.  

    I agree with you, though, that the cuts in corporate tax rates (which accounts in large part for the first chart on that page, which the second chart is federal income tax effective rates) have been more signficant that the cuts in federal income tax rates.  The Reagan cuts in federal income tax marginal rates were accompanied by a re-writing of AGI rules so that more income was subject to federal income tax.  

    •  Yes (1+ / 0-)
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      Sherri in TX

      but income and capital gains are where the numbers get confusing. Most of the top earners take their salary in deferred compensation. So they are paying the majority of taxes on investments, not income. Capital Gains for long term are 15% so the 16% is probably a blended number. As for the link, I think it was a diary or comment here on Kos and I will have to dig it up from a few weeks ago.

      Loyalty to petrified opinion never yet broke a chain or freed a human soul in this world--and never will. Mark Twain

      by whoknu on Sat Mar 27, 2010 at 08:37:58 AM PDT

      [ Parent ]

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