Quote:
Originally Posted by oddlycalm";p="
As an object lesson, the taxes rates on the wealthy that the Reagan administration considered fair have now been rolled back by around 50%, and yet we still hear all manner of whining and complaining about tax rates.
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How so? The tax rate on the top 1% was about 33% in 1986, and it's about 27.5 now -- that's hardly a 50% rollback. Besides, despite the lower tax rate, the wealthy pay a
greater share of taxes now than they did in 1986, so I don't see why you feel things were so much better then. In 1986 the top 1% accounted for one quarter of all tax revenue, while in 2001, the top 1% accounted for one third. A similar trend exists for the top 5% bracket, 10%, 25%, and 50%. If anything, it seems lower income workers are paying less money in taxes than they were in 1986.