Data also proved the Bush tax cuts soaked the rich.
Yet we see whiners like @RB-Old sniffling about the rich paying their fair share......
https://nypost.com/2024/02/29/opinion/data-prove-it-the-trump-tax-cuts-soaked-the-rich/
The latest IRS data on who bears the income tax burden demonstrate yet again the benefits of lower tax rates over higher rates.
Bernie Sanders should pay attention.
When President Donald Trump entered office, the richest 1% of tax filers ($675,000 income and above) paid a little more than 40% of the income taxes collected.
The 2017 Trump tax cut reduced the effective highest federal tax rate to 37% from 42%.
Both Joe Biden and Bernie Sanders, then as now, condemned this a giveaway to the rich.
But the most recent IRS tax return data (for 2021) confirm that even as these rates were lowered — not to mention the corporate tax rate cut from 35% to 21% — the share of the tax burden shouldered by the 1% rose to almost 46%.
Here's the article from 2010.
https://heartland.org/opinion/the-hidden-truth-about-the-bush-tax-increases-thats-right-increases/
Go to the IRS Web site and add up the numbers for yourself. During the eight years of the Clinton Administration the Federal government collected a total of $5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately $7.45 trillion dollars in individual income taxes. The rich — that is, the top 1% of taxpayers — not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.
Yet we see whiners like @RB-Old sniffling about the rich paying their fair share......
https://nypost.com/2024/02/29/opinion/data-prove-it-the-trump-tax-cuts-soaked-the-rich/
The latest IRS data on who bears the income tax burden demonstrate yet again the benefits of lower tax rates over higher rates.
Bernie Sanders should pay attention.
When President Donald Trump entered office, the richest 1% of tax filers ($675,000 income and above) paid a little more than 40% of the income taxes collected.
The 2017 Trump tax cut reduced the effective highest federal tax rate to 37% from 42%.
Both Joe Biden and Bernie Sanders, then as now, condemned this a giveaway to the rich.
But the most recent IRS tax return data (for 2021) confirm that even as these rates were lowered — not to mention the corporate tax rate cut from 35% to 21% — the share of the tax burden shouldered by the 1% rose to almost 46%.
Here's the article from 2010.
The Hidden Truth About the Bush Tax Increases – That’s Right, Increases
https://heartland.org/opinion/the-hidden-truth-about-the-bush-tax-increases-thats-right-increases/
Go to the IRS Web site and add up the numbers for yourself. During the eight years of the Clinton Administration the Federal government collected a total of $5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately $7.45 trillion dollars in individual income taxes. The rich — that is, the top 1% of taxpayers — not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.
