the staff of the Ridgewood blog
Ridgewood NJ, when Ronald Reagan assumed the presidency, the United States had a top income tax rate of 70%.
At that time, the wealthiest 1% of tax filers contributed around 19% of the income tax revenue.
Reagan subsequently reduced the top tax rate to 50%, eventually bringing it down to 28% by 1987. This tax overhaul, which garnered support from nearly every senator, including Al Gore, Ted Kennedy, and Joe Biden, resulted in the rich paying 25% of the tax burden.
Consider this: When the highest tax rate sat at 70%, the affluent contributed less than 20% of the total tax revenue.
Today, with a tax rate of 37%, the top 1% shoulders nearly half of all income taxes.
In contrast, during the early 1960s, prior to the Kennedy tax cuts when the top tax rate was 91%, the wealthiest 1% only accounted for 15% of the tax revenue.
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The question to answer is what percentage of total income is made by the top 1%? If the top 1% makes 60% of the income but only pays 40% of the taxes, then that answers the fairness question.
A bunch of rich senators were ok with lowering their own taxes? Shocking! This is almost as bad as the rest of the “Statistics” people trot out. The prior commenter has a much better view points. The top 1% has absolutely ROBBED the rest of the population with wage-theft (roughly 50 BILLION a year), price gouging, and double dealing stock market manipulation, but you’re worried about us making them pay their appropriate share of taxed on the stolen money?
Tell me you’re a bought shill without SAYING you’re a bought shill.