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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: Skywatcher who wrote (96389)4/25/2007 5:53:37 PM
From: longnshort  Read Replies (1) of 173976
 
The tax cuts enacted by Ronald Reagan and George W. Bush have lowered the top tax rate quite a bit—it has fallen from 70 percent in 1979 to 35 percent today. Moreover, Reagan also raised the payroll tax rate by three percentage points. Knowing only this, one would assume that the wealthy are paying much less than they were in 1979 and the poor are paying much more. In fact, every income class has seen a decline in its effective federal tax rate (taxes as a share of income), including payroll taxes.
According to the CBO, the lowest quintile paid 8 percent of its income in total federal taxes in 1979, the second quintile paid 14.3 percent, the third quintile paid 18.6 percent, the fourth quintile paid 21.2 percent, and the top quintile paid 27.5 percent. Thus the lower 80 percent of households saw a much greater reduction in their total federal tax rate despite the rise in the payroll tax because federal income taxes dropped much more.

townhall.com
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