Quote:
Originally Posted by wustin
Those back then in the 50s who were in the tax bracket to have 90% taxed on their income didn't pay that much. The effective tax rates those people paid were very low (less than 40%) due to there being so many breaks, deductibles, and loopholes to exploit. Reagan's tax reform would cut taxes and simplify the tax code, but it also removed those loopholes.
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Those in the top bracket generally aren't paying anywhere close to what that bracket requires, either. If you think the loopholes were removed, I've got news for you....