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.
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]