Quote:
Originally Posted by TimFreeh
The 90% top rate argument is largely a canard, while the top marginal rate was indeed 90% the existence of loopholes (closed by the way by Ronald Regan in the 1986 TEFRA act) ensured that virtually nobody actually paid the 90% rate. Here's a table that shows the effective rates paid over the years and while the trends are down a bit the rates are basically unchanged over the last 40+ years.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456
I know people like to believe otherwise but the percentages of taxes paid by rich and poor taxpayers have remained relatively stable over the years.
I agree with your observations about increased global competition being a significant factor, we need to recognize this and take steps to make american businesses more competitive in the global marketplace. |
Well said Tim, and in the opinion of one long-time CPA, entirely accurate. But Reagan did have Democratic help let's not forget. Sen. Bill Bradley, he of NY Knick NBA fame to the youngsters here, was a major proponent of the "flat tax", or what will be the closest thing Americans will ever see to one.