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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (43400)5/24/2010 3:43:32 PM
From: TimF  Read Replies (1) of 71588
 
Re: "Effective tax rates on much of the middle class where lower"

I still have my doubts about that being the case though....

Well the lower middle class largely doesn't pay income taxes any more. OTOH they pay more in payroll taxes, and typically more in sales taxes, and misc. government taxes.

As for the upper middle class, well the top nominal rates where higher then but the higher rates kicked in above most people's income. Also ordinary (non-mortgage) interest used to be deductible, and there where other forms of tax breaks that where closed over the years (many by Regan's tax reform, too bad that we've moved in the other direction since then).
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