Regardless, one must ask how much the rich were actually paying.
There’s something called Hauser’s Law, that basically states for the most part there’s a maximum threshold on how much the government can tax out of its population. It might be noteworthy that back in the 1950s, the government wasn’t actually collecting any more in tax revenue as a percentage of GDP. That said, there’re the government tax receipts compared to the top marginal tax rate. Sounds familiardoes it not? Hauser’s Law on the basis of the fact that in pretty much every year since 1950, the government has collected between 17 to 20 GDP percent in taxes. It could do so, if the government really wanted to expropriate more.
Look, there’re a bunch of other taxes than personal income taxes.
Congressional Research Service concludes that the effective tax rate for the top 01 income percent earners in the course of the period of ’91 percent’ income taxes was actually 45 percent. Known as you can see, the chart looks pretty much identical when looking at personal income tax receipts and the top marginal tax rate. Still, tax receipts from personal income taxes have consistently been between 7 and 9 percent. In 2014, they’ve been 1 percent. Given that the top bracket is a lot lower today, the 396 percent top marginal rate probably yields something pretty close.
Quite a few of this was as long as corporate rates have always been lower than 50 percent. The tax code allows that person to write off a year buys a property worth 90,If he owned ten such properties, his income must be zero, at least in consonance with the IRS.
Indeed, one former tax accountant even made the case that there were so many deductions, loop holes and stuff in the pre 1986 tax code that … there was a massive quantity of tax fraud in general income levels under the old code.
So here’s a question. Did you even bother to read the article? It was so bad and so common that most people took pride in telling others how they cheated on their taxes. The punchline was that the 90 top rate was a joke, there were a million loopholes to exploit, and only a fool or an ignoramus will actually pay that 90percentage marginal rate. Actually, everyone else got a great tax accountant who will tell them how to navigate the code to avoid lots of the tax.
No one paid the top tax rate or any where close to it. Same old Bullshit class war propaganda. Back after that, the tax code had more loop holes in it than screen door. Even if the marginal rates came down by closing plenty of the tax loopholes, reagan increase the effective tax rate. It sounds like the lower and middleclasses are not paying their fair share, include the Social security tax and you make sure who is really paying the frieght, include the inflation tax and reality is complete opposite of what the auther is striving to portray, as long as you don’t include the Social Security tax.
Traveler Rick Steves talked to some Norwegian cousins of his about the high taxes in Norway.
While paying for higher education, and saving for retirement, The Norwegians said they’d gladly pay higher taxes as long as they don’t have the worries Americans have -paying for health care. Needless to say, here in America the risk takers need EVERYONE to take the risk Norway is a homogenous culture of genetically honest people with a consistent set of shared values which means they can trust each other. They can make a welfare state sort of work, or at least they could until they started letting the Muslims in. Like walking a tight rope -do you look for to pay for a safety net or save some money and risk killing yourself.
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America has always been multiethnic/multicultural, we used to understand that, that is why we were late to the welfarestate party. Norway is a net exporter of Oil and Gas, and thus can afford to subsidize its economy. Anyway, norway also has a shrinking population. That’s right! Now we’re ballsdeep into a welfare state and its about to submarine our system of government and our entire culture.
My Grandfather used to run a 15 year depreciation schedule on his business properties for about, oh, 25 years or so.
Quite a few of these guys already complain that they can barely feed their families. Grandmother asked if I could Accordingly the day that employers who everybody thinks are evil, can employ a robot. Because you never need to keep him motivated or fear all the legal crap that costs a lot money if the employee doesn’t feel motivated or wants to work anymore. Not everybody is a banker or has a billion dollar business! On top of that, most have stress at the start of any month and wonder how they’ll pay the salaries of their employees who all think they’re rich bastards.
RIF in 2012 and been reinventing myself ever since.
ZIP for it, cause the system is broke!
Most don’t really have a choice but to automate. Taxes, regulations all cost money, and increases drive up costs, in order to pay salaries. Companies either adapt or go out of business. Usually, consumers can afford continue to buy because Companies are automating to offset rising costs. Therefore, automation defers the date when they may be forced to close, even some automated business gonna be forced out of business due to lack of paying customers. The short sightness is from the gov’t, by driving companies out of business. Needless to say, without automation people would soon need to start financing the cost for thier meals. Customers can’t afford the rates of goods and services without automation.
The Goobermint especially HATES individual entrepreneurship and will do everything in their power to make life nearly impossible.
US company forced to change production to match competitors pricing, or go out of business. Sees competitor selling lower quality products made overseas at a discount. The Treasury LOVES companies like Wal Mart or Home Depot being that they pay their taxes in fast cycles in an automated fashion. That’s interesting. It goes like that. Generally, uS gov’t adds fuel to the fire by making labor and later send it to a shell company in Ireland and later off to a Cayman accounts, do a debt buyback of the American shell corporations and for your, and pay