I never knew that but wow.
2007-09-20 18:06:17 · 2 answers · asked by presidentrichardnixon 3 in Social Science ➔ Economics
It only applied to the very rich and the law was full of loopholes so they could hide their income. The average income had a marginal rate in the high twenties since before WWII and they still do. See the graph and how the income reported to th IRS by the very rich jumped in 1987 when they cleaned up the tax code and got rid of the loopholes.
http://www.visualizingeconomics.com/2007/03/24/us-income-of-top-01-percent-vs-marginal-tax-rate/
However they have put a lot of them back in since then but kept the rate low. The very rich now pay a smaller percentage of their income in taxes than do high paid professionals.
2007-09-20 19:38:40 · answer #1 · answered by meg 7 · 3⤊ 0⤋
It took conservatives to bring it down to where it is now. Who are you gonna vote for?
2007-09-20 18:14:47 · answer #2 · answered by Anonymous · 0⤊ 1⤋