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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Skeeter Bug who wrote (107326)6/7/2001 4:15:19 PM
From: Les H  Read Replies (1) of 436258
 
Go back and read it over again. The purpose is to arrive at the current effective income tax rates. If a given income bracket pays 50% of the taxes under the old system, then the objective is to maintain that same proportionality. Just as if you reduced the estate tax rate to the effective tax rate by eliminating trusts, foundations, etc. that are used as estate tax avoidance vehicles, the tax revenue generated would be the same as before. It's just that the Gates, Kennedys, Fords, Rockefellers, Vanderbilts, etc. would have been paying a larger portion of the taxes.
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