Democratic presidents Woodrow Wilson and John F. Kennedy spoke plainly about the fact that higher tax rates on individuals and businesses did not automatically translate into higher tax revenues for the government. Beyond some point, high tax rates on those with high incomes simply led to those incomes being invested in tax-free bonds, with the revenue from those bonds being completely lost to the government -- and the investments lost...
Like Reagan, when he lowered the marginal rate (91%), he reduced the number of deductions. By doing so, the effective tax rate went up. And when GWB lowered marginal rates, the "rich" ended up paying a larger portion of the income taxes. You do know the difference between marginal and effective tax rates, right?
There was a time when Democrats and Republicans alike could talk sense about tax rates, in terms of what is best for the economy, without demagoguery about "tax cuts for the rich."
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