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Topic	Tax billionaires. They can afford it.
EzeDoesIt 12/17/19 2:38:13 PM #48:	BadderHare posted... The takeaway from the history lesson of the 1950s is not the golden age of high taxes and prosperity that supporters of the Green New Deal imagine it to be. Rather, the tax policy of this period strongly suggests that high statutory rates are only sustainable when they are accompanied by massive legal tax shelters that are written into the tax code by design. The high statutory tax rates were just a facade obscuring a more tempered reality. These legal loopholes reduced the effective tax burden on top earners to a manageable level. While apples-to-apples comparisons between the 1950s and the tax system today require making several assumptions about the reliability of tax-reported income data, a recent report from the Tax Foundation used an estimate of the top 1 percent income share to calculate its associated effective tax rates over time. Its findings show that this groups effective income tax rate in the 1950s was only slightly higher than today: 42 percent versus 36.4 percent. 6% really isn't "much higher" and it certainly doesn't justify what progressives are asking for. You understand more than just billionaires are in the 1%, right? Way more, actually. --- "Beef is when I quote you, guaranteed to break the TOU." -The Notorious Shablagoo <cite>EzeDoesIt posted [p:931714484] in Tax billio... [t:78262261]...</cite> <quote>BadderHare posted... </cite> <quote>The takeaway from the history lesson of the 1950s is not the golden age of high taxes and prosperity that supporters of the Green New Deal imagine it to be. Rather, the tax policy of this period strongly suggests that high statutory rates are only sustainable when they are accompanied by massive legal tax shelters that are written into the tax code by design. The high statutory tax rates were just a facade obscuring a more tempered reality. These legal loopholes reduced the effective tax burden on top earners to a manageable level. While apples-to-apples comparisons between the 1950s and the tax system today require making several assumptions about the reliability of tax-reported income data, a recent report from the Tax Foundation used an estimate of the top 1 percent income share to calculate its associated effective tax rates over time. Its findings show that this groups effective income tax rate in the 1950s was only slightly higher than today: 42 percent versus 36.4 percent. 6% really isn't "much higher" and it certainly doesn't justify what progressives are asking for.</quote> You understand more than just billionaires are in the 1%, right? Way more, actually. --- "Beef is when I quote you, guaranteed to break the TOU." -The Notorious Shablagoo</quote> ... Copied to Clipboard!
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