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View Diary: Bartlett:  Teabaggers Totally Ignorant About Taxes (276 comments)

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  •  Agree .... that was the era (pre Reagan) of (2+ / 0-)
    Recommended by:
    wonderful world, bushondrugs

    all those sham tax shelter deals....

    •  And the left completely fails to realize that (2+ / 0-)

      the effective federal income tax on the rich was HIGHER during the Clinton years than it was before the Reagan tax cuts.  At the end of the Clinton tax years, and before the Bush tax cuts took effect, it hovered at slightly above 24% on the top 1%.  That was HIGHER than the effective federal income tax rate during those "70% top marginal rate" years.  In other words, the rich paid MORE in federal income taxes under Clinton than they did before the Reagan tax cuts.  

      But, the next time somebody advocates "taxing the rich," we'll see a bunch of posters advocating for the "good old days of 70% top marginal rates."  

      Top marginal rates are only PART of the equation when you are talking about how much people pay in federal income taxes.  

      Again, effective federal income tax rates are in the SECOND chart on the page  here.  

      •  Thx for the info coffeetalk (1+ / 0-)
        Recommended by:
        Pinecone

        Important nuance to bring to the debate.

        You couldn't load a pistol with dormitive virtue and shoot it into a breakfast-roll - CS Pierce

        by Mr Raymond Luxury Yacht on Sat Mar 27, 2010 at 11:26:28 AM PDT

        [ Parent ]

      •  Another thing people forget (1+ / 0-)
        Recommended by:
        Pinecone

        is that prior to the Reagan tax rearrangement, interest on consumer debt was deductible. And, IIRC, you could offset capital losses against earned income as well as capital gains.

        Our tendency to focus on top bracket rates is akin to the Right's tendency to focus on jury awards in product-liability cases. In neither case does the bandied-about amount bear any resemblance to what actually gets paid.

        Facts are sweet, but some people are factose intolerant

        by ebohlman on Sat Mar 27, 2010 at 02:19:26 PM PDT

        [ Parent ]

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