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reply to post by NavyDoc
I think Nixon lowered the wealthiest tax rate to 55% from 75% funny how prosperous we were with higher taxes.
True enough, the top marginal income-tax rate in the 1950s was much higher than today's top rate of 35%—but the share of income paid by the wealthiest Americans has essentially remained flat since then.
In 1958, the top 3% of taxpayers earned 14.7% of all adjusted gross income and paid 29.2% of all federal income taxes. In 2010, the top 3% earned 27.2% of adjusted gross income and their share of all federal taxes rose proportionally, to 51%.
So if the top marginal tax rate has fallen to 35% from 91%, how in the world has the tax burden on the wealthy remained roughly the same? Two factors are responsible. Lower- and middle-income workers now bear a significantly lighter burden than in the past. And the confiscatory top marginal rates of the 1950s were essentially symbolic—very few actually paid them. In reality the vast majority of top earners faced lower effective rates than they do today.
The tax code of the 1950s allowed upper-income Americans to take exemptions and deductions that are unheard of today. Tax shelters were widespread, and not just for the superrich. The working wealthy—including doctors, lawyers, business owners and executives—were versed in the art of creating losses to lower their tax exposure.
For instance, a doctor who earned $50,000 through his medical practice could reduce his taxable income to zero with $50,000 in paper losses or depreciation from property he owned through a real-estate investment partnership. Huge numbers of professionals signed up for all kinds of money-losing schemes. Today, a corresponding doctor earning $500,000 can deduct a maximum of $3,000 from his taxable income, no matter how large the loss.
Those 1950s gambits lowered tax liabilities but dissuaded individuals from engaging in the more beneficial activities of increasing their incomes and expanding their businesses. As a result, they were a net drag on the economy. When Ronald Reagan finally lowered rates in the 1980s, he did so in exchange for scrapping uneconomical deductions. When business owners stopped trying to figure out how to lose money, the economy boomed.
reply to post by BritofTexas
Libs are so funny. U guys are so afraid of the Koch brothers. If they are so powerful why are they heavily regulated and why do we have to ship oil from Saudi Arabia and Canada instead of drilling our own oil?
Last month, for the first time since February 1995, the U.S. produced more crude oil than it imported: 7.7 million barrels per day in October, versus 7.6 million of imports. Domestic output ticked up further to a level just shy of 8 million barrels per day in the week that ended Nov. 8, according to data from the Energy Information Administration.
The biggest threat to America right now are the energy companies like GE which will soon have complete control of America energy now that the coal industry are regulated out of business under Obama and Wall street who are the shareholders to the Federal Reserve which is looting America through stimulus and bailouts leaving no money for anything else.
...Big Oil spends more on lobbying than any other group: nearly $150 million in 2010.
The smart liberals actually have defected from the Democrat party to join the Tea Party, the lemmons and political hacks have remained. The only way for libs to fund all the social programs and handouts that they want is to nationalize the Federal Reserve and give the power to print money back to the treasury. We would instantly wipe out all debt and print money by the real gov. instead of getting loans from Private banking cartel like the feds, world bank, iMF, and China. This is one of the main objectives for the Tea Party is to END THE FED. This would actually help the liberal cause the most, but most of them are too dumb to even realize it. All your social programs would now be funded with no debt to the tax payers.
If there’s one thing the debt ceiling battle revealed, it’s that the Tea Party continues to enjoy outsized influence in Washington in general and over the GOP in particular. So it’s interesting to note that according to the internals of today’s New York Times poll, the Tea Party is rapidly shrinking before our very eyes, and is hemorraging supporters at a surprising rate:
Do you consider yourself to be a supporter of the Tea Party movement, or not?
But instead the libs bought into the political hacks and operatives belief that the Tea Party is some sort of religious nut to mask the real meaning behind the movement. Sure there are some groups that claim to be the Tea Party pushing their own agenda. Just like everything else power brokers try to hijack it. But the Tea Party is a idea, u can't hijack the idea that hates corruption. That's why the establishment GOP failed by trying to control the idea and there is a war within the Republican party.
A poll by Farleigh Dickinson University in New Jersey showed that of all the news channels out there, Fox News viewers are the least informed.