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Politics : PRESIDENT GEORGE W. BUSH
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To: GROUND ZERO™ who wrote (329686)12/16/2002 8:09:00 PM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
Average percent of individual income that went to taxes in 1999:

14.8%

Average percent of income that was paid in taxes in 1999 by the 400 richest Americans (more than $110.5 million each in annual income in 1998):

22%

The 'spread', the difference in effective tax rates (accounting for loopholes, tax shelters, etc.) was not all that great in 1999.

Of course, after the 2001 tax changes, the effective rates paid by the richest were lowered further.

When we are already down to pretty close to a 'flat' income tax scheme (7% spread in '99 between the richest, and the average of all tax payers... down to 6%, or 5% now?) it would seem our main problem now is eliminating the corrupting and economic activity-skewing effect of all those special interest loopholes, tax code subsidies and give-aways... and then lower EVERYONE'S rates with the money we save by getting the government out of the "payingback campaign contributor" business.
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