by Bill Hamm, North Royalton
With higher taxes is almost a certainty, what can we expect? The top tax rate rose from 28% in 1989 to 39.6% in 1996. Do you think that tax revenues, as a percentage of GDP, rose substantially? No, the revenue went down from 19.2% of GDP to 19.1%.
What about all those rich people not paying their fair share of Federal taxes? The Heritage Foundation, on 3/3/2021, found the top 1% of wage earners make 21% of all income, but they also pay 40% of all income taxes. The top 10% make 48% of all income, but they pay 71% of taxes. The same article shows that the Institute on Taxation and Economic Police estimates that for the combined federal, state, and local taxes, the top 1% paid a 34% tax rate and the poorest 20% federal, state, and local tax rate.
Politicians run for re-election by raising money from the rich. Why would anyone think politicians would not take care of their funders while pretending that they are on the side of the middle class?