But at a federal level we have likely one of the lowest effective averages. Tax expenditures alone cost us over $1 trillion. I got clients who are making exorbitant sums of cash who's effective rates are well below 20%.
But you can when you account for tax expenditures which have grown and grown and grown.CBO has data on the effective federal tax rate, but it only goes back to 1979. You can't really "eyeball it" using the top rate.
Not so much. Deductions and credits have expanded to likely record proportions. The US government forgoes over a trillion in taxes alone by such reductions to taxable income and taxes. If we got rid of all tax expenditures, we could dramatically close the deficit not to mention take down a large percent of the debt within 5 years.As you say deductions and credits varied considerably.
True, but that 90% and the brackets down to 60% did affect a large percent of people over the time they were enacted.So did the brackets. For example, the 90+% rate you speak of affected very, very few people - you'd have have an income of about 3.75 million dollars.