Author Topic: Another liberal lie about high taxes from Paul Krugman  (Read 222 times)

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Offline rangerrebew

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Another liberal lie about high taxes from Paul Krugman
« on: April 27, 2014, 10:18:16 AM »
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Offline andy58-in-nh

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Re: Another liberal lie about high taxes from Paul Krugman
« Reply #1 on: April 27, 2014, 10:41:19 AM »
When the marginal tax rate was 91%, almost nobody paid it.

Instead, high income earners were able to take advantage of a wide range of exemptions and deductions that no longer exist. Many also steered their income and investments into deferred compensation plans, municipal bonds, annuities, real estate investment trusts and other tax-deferred or tax-free investments.

In 1958, according to IRS records, about 10,000 of the nation's 45.6 million tax filers had income that was eligible to be taxed at 81% or higher. Yet, yesterday's "1-percenters" paid a far lower share of the nation's income taxes than they do today, at lower marginal rates. Conversely, low-income and middle-income Americans today pay a far lower share of such taxes than in the past.
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