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Politics : PRESIDENT GEORGE W. BUSH
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To: Bob who wrote (341307)1/10/2003 10:31:14 AM
From: DuckTapeSunroof  Read Replies (2) of 769670
 
Re: "The way I read it, it does not matter about loopholes deductions and everything else."

>>> Well then, you've got a mighty funny way of reading things, that ignores practical realities....

>>> 'Cause the 'effective tax rate' (after the impact of all those special interest give-aways and assorted tax loopholes is felt) is way different from the nominal rates.

>>> For example, these are the average effective income tax rates from 1999:

Average American company tax rate - 15%

Average 'Big' company rate - 20%
(over next three years it should be 15% because of the 2001 expanded depreciation schedules)

Average individual tax rate - 14.8%
(up from 13.1% in 1989)

Average rate paid by the '400 richest Americans' (over $110.5 million in annual income) - 22%
(down from 30% in 1995, reduced more than 1/4 by the 1997 changes).

And after the 2001 tax changes are implemented (let alone the '03 proposals) - ????

>>> You get my drift: effective rates are significantly different from nominal rates (which ignore all the loopholes).

>>> Also, as I said, that ridiculous article ignored all the OTHER taxes (sales, property, FICA, etc.) which affect people.

>>> I notice you didn't challenge that.

>>> Show me a restaurant without a sales tax :)
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