RECENTLY ON TOL:
- A tumblr site dedicated to the people and places that make up Oregon and Southwest Washington.
Yes. The tax rate on the highest wage earners has fallen since the 60s (when it was 90%). The 80s were a big time for tax cuts. However, in that period, two important things happened:
1. tax revenues increased dramatically and
2. the tax burden actually shifted toward the wealthy.
In 1980, the wealthiest 5% of Americans paid 37% of the income taxes. Today, the top 5% pays 57%. The top 1% alone pay 37%. And, today, the bottom 50% pay just 3% of all the income tax collected.
Sounds very progressive, but, as I mentioned, other taxes (FICA, sales tax, etc.) are much worse.
posted 2 years, 6 months ago
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