John Tamny in Forbes in February 2009 mentioned the following: The top income tax rate in the 1950s was 91% and the S&P 500 rose 245% During the presidency of George W. Bush, “the combined federal tax on income and investment” was “lower than at any time post-World War II” and the S&P 500 fell […Full Article]
FactCheck.org in May of 2007 mentioned the following: The President’s Advisory Panel on Tax Reform “calculated that a 34 percent rate on the actual price of consumer goods would be necessary to make the program revenue-neutral.” “William Gale, director of the economic studies program at the Brookings Institute, calculates that a 39.3 percent exclusive rate […Full Article]
WorkforAll had the following illustration combining the Armey Curve with the Laffer Curve. It indicates that if a country wants to maximize the growth of wealth, the optimum tax rate is 30%; if the country wants to maximize revenue, the optimum tax rate is 45%. To read the entire article, click on EU : Causes […Full Article]
According to the Tax Foundation, in 1980, the richest 1% paid 19.05% of all federal income taxes, but by 1988, their share had increased to 27.58%. Therefore, Reagan’s tax cuts actually made the tax code more progressive. To read the entire article, click on Summary of Latest Federal Individual Income Tax Data.
TruthandPolitics.org, a separate website, not affiliated with truthfulpolitics.com, illustrated tax rates over time: To read the entire article, click on Top US Marginal Income Tax Rates, 1913–2003.
Robert H. Frank in The New York Times in April 2007 reported that “for a sample of 65 industrial nations, the economists Alberto Alesina and Dani Rodrick found lower growth rates in countries where higher shares of national income went to the top 5 percent and the top 20 percent of earners. In contrast, larger […Full Article]
Tom Curry on msnbc.com in April 2009 mentioned the following: In 1960, payroll taxes accounted for 16% of federal tax revenues In 2008, payroll taxes accounted for 35% of federal tax revenues Payroll taxes comprise Social Security, Medicare, and Medicaid In 1979, the top 10% of income-earning households paid 40.6% of all federal taxes In […Full Article]
truthful politics has several articles about U.S. federal government income and/or corporate tax revenue. The following are some examples: Spending and Taxes U.S. Federal Government Revenue (Current & Inflation Adjusted) U.S. Tax Rates on Employment Income Compared to Other Countries U.S. Corporate Tax Rates Compared to Other Countries Corporate Tax Rates Top Tax Rates Over […Full Article]