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Technology Stocks : George Gilder - Forbes ASAP -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (5110)	10/25/2000 5:07:42 PM
From: Bernard Levy	Respond to of 5853

This figure has been mentioned in the WSJ, the PBS Newshour, and other sources. First, the tax rates did go up a lot when Clinton passed his tax increase in 92. However, what happened also is bracket creep, i.e., an increasing percentage of households is paying either the 36% or 39% Fed rates. The Social Security tax rate has been stable since the early 80s, but is very high compared to what it used to be in the 50s or 60s. Finally, capital gains receipts have been huge during the last few years. The Fed budget is balanced not because of cuts (except to the military), but because Uncle Sam is collecting more and more as a percentage of the GNP. In fact, I would venture that most 2 earner professional families living in high tax states such as CA or NY are paying about 55% of their income in taxes (includes Fed and state income taxes, social security taxes, and sales taxes).