Wednesday, October 8, 2014
More Unimpeachable Evidence that Lower Top Marginal Tax Rates Actually INCREASE the Amount of Taxes that are Paid By these Individuals
http://www.cato.org/sites/cato.org/files/pubs/pdf/tbb-0302-13.pdf - As you can plainly see from these charts (which were all derived from the U.S. Department of the Treasury), the amount of revenue that was collected at the 24% rate was significantly greater than the amount which was secured at the 73% rate (a 122% increase; $321 million versus $714 million) AND the share of the income tax burden for those making over $100,000 a year also soared, from 29.9% to 61.3%; a 105% increase! Yes, it took a year or two for the tax cuts to kick in but once in fact they did, tax revenues skyrocketed (just as they did in the '60s, '80s, and 2000s) and the economy as a whole benefited. There, I mean, there it is.
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