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XPost: alt.fun, alt.politics.democrats.d

First, it was Democrats, not Republiscums/QAnon, who killed it. Read the facts here: https://www.politico.com/agenda/story/2019/02/05/democrats-70-percent-tax-rate-000879/

Second, virtually no one paid it, and the same was true of the even earlier 90% rate. From that site:

It was in this battle of the bills that the Democrats proposed to cut the top
tax rate to 50 percent. They thought this would help attract votes from
conservatives in both parties in the House. And importantly, they decided
that in terms of revenue, the superhigh top tax bracket that draws so much
political attention just didn’t mean very much: Of the $517 billion the
Treasury collected in 1980, only $3 billion to $5 billion came from the 70
percent bracket — less than *one percent* of total tax revenue.
[emphasis added]

With the political cover that Democrats had proposed lowering the 70 percent
top rate first, the Reagan administration was only too happy to adopt the
proposal as part of their plan—and it was the Republican plan that ultimately
won.

The Democrats of today should consider what the Democrats of 1980 knew: The
top marginal tax rate generates very little income for the federal
government. At the time, the 70 percent rate didn’t kick in until $212,000,
which in today’s dollars is over $600,000. Since this was a marginal rate, no
one, not even the richest millionaire, paid 70 percent of their entire income
in taxes; only the portion of their income above the threshold was taxed at
the top rate. Most important, the rich had ways to shift their income to
avoid taxes, because the top rate only applied to “unearned income” such as
dividends. This meant that whether the goal was to reduce inequality or raise
revenue, the top tax rate was not very effective.

And that was *always* true. Due to "loopholes," virtually *no one* paid the extortionately high marginal rates.

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XPost: alt.fan.rush-limbaugh, alt.society.liberalism, alt.atheism
XPost: alt.fun, alt.politics.democrats.d

Rudy Canoza wrote:

First, it was Democrats, not Republiscums/QAnon, who killed it. Read
the facts here:

https://www.politico.com/agenda/story/2019/02/05/democrats-70-percent-tax-rate-000879/

Second, virtually no one paid it, and the same was true of the even
earlier 90% rate. From that site:

It was in this battle of the bills that the Democrats proposed to
cut the top tax rate to 50 percent. They thought this would help
attract votes from conservatives in both parties in the House. And importantly, they decided that in terms of revenue, the superhigh
top tax bracket that draws so much political attention just didn’t
mean very much: Of the $517 billion the Treasury collected in
1980, only $3 billion to $5 billion came from the 70 percent
bracket — less than *one percent* of total tax revenue. [emphasis added]

With the political cover that Democrats had proposed lowering the
70 percent top rate first, the Reagan administration was only too
happy to adopt the proposal as part of their plan—and it was the Republican plan that ultimately won.

The Democrats of today should consider what the Democrats of 1980
knew: The top marginal tax rate generates very little income for
the federal government. At the time, the 70 percent rate didn’t
kick in until $212,000, which in today’s dollars is over $600,000.
Since this was a marginal rate, no one, not even the richest
millionaire, paid 70 percent of their entire income in taxes; only
the portion of their income above the threshold was taxed at the
top rate. Most important, the rich had ways to shift their income to
avoid taxes, because the top rate only applied to “unearned income”
such as dividends. This meant that whether the goal was to reduce inequality or raise revenue, the top tax rate was not very
effective.

And that was always true. Due to "loopholes," virtually *no one* paid
the extortionately high marginal rates.

Exactly!

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XPost: alt.fan.rush-limbaugh, alt.society.liberalism, alt.atheism
XPost: alt.fun, alt.politics.democrats.d

First, it was Democrats, not Republiscums/QAnon, who killed it. Read the facts here: https://www.politico.com/agenda/story/2019/02/05/democrats-70-percent-tax-rate-000879/

Second, virtually no one paid it, and the same was true of the even earlier 90% rate. From that site:

It was in this battle of the bills that the Democrats proposed to cut the top
tax rate to 50 percent. They thought this would help attract votes from
conservatives in both parties in the House. And importantly, they decided
that in terms of revenue, the superhigh top tax bracket that draws so much
political attention just didn’t mean very much: Of the $517 billion the
Treasury collected in 1980, only $3 billion to $5 billion came from the 70
percent bracket — less than *one percent* of total tax revenue.
[emphasis added]

With the political cover that Democrats had proposed lowering the 70 percent
top rate first, the Reagan administration was only too happy to adopt the
proposal as part of their plan — and it was the Republican plan that
ultimately won.

The Democrats of today should consider what the Democrats of 1980 knew: The
top marginal tax rate generates very little income for the federal
government. At the time, the 70 percent rate didn’t kick in until $212,000,
which in today’s dollars is over $600,000. Since this was a marginal rate, no
one, not even the richest millionaire, paid 70 percent of their entire income
in taxes; only the portion of their income above the threshold was taxed at
the top rate. Most important, the rich had ways to shift their income to
avoid taxes, because the top rate only applied to “unearned income” such as
dividends. This meant that whether the goal was to reduce inequality or raise
revenue, the top tax rate was not very effective.

And that was *always* true. Due to "loopholes," virtually *no one* paid the extortionately high marginal rates. AOC and Bernie blabbering about 70%-90% is just sophomoric political theater. It's not going to happen.

--- SoupGate-Win32 v1.05
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