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"The Office of Tax Analysis of the United States Department of the Treasury summarized the (1981) tax changes as follows[2]:
phased-in 23% cut in individual tax rates over 3 years; top rate dropped from 70% to 50%
accelerated depreciation deductions; replaced depreciation system with ACRS
indexed individual income tax parameters (beginning in 1985)
created 10% exclusion on income for two-earner married couples ($3,000 cap)
phased-in increase in estate tax exemption from $175,625 to $600,000 in 1987
reduced Windfall Profit taxes
allowed all working taxpayers to establish IRAs
expanded provisions for employee stock ownership plans (ESOPs)
replaced $200 interest exclusion with 15% net interest exclusion ($900 cap) (begin in 1985)"
Economic Recovery Tax Act of 1981 - Wikipedia, the free encyclopedia
So your position is that 38% > 70%? And that's not even counting all the other tax cuts provided to the wealthy.
What the hell are you babbling about now, I posted the actual percentage of the taxes collected by the Federal Govt. I don't give a damn about percentages, the govt. doesn't spend percentages, they spend actual dollars. The numbers are for 2009 with the Bush tax cuts in effect, 47% of income earners don't pay any Federal Income taxes and all of them are in come levels of 50,000 or less. That destroys your argument.