that is the standard top marginal rate. right now we have so many loopholes and deductions that the wealthiest end up paying more like 14-15% when it's all said and done. I might be a point off one way or the other Mobius. I know it was 27 or 28% before the fiscal cliff deal that raised the top marginal rates by a point or two.
I suspect you're saying marginal but meaning effective? The top marginal bracket is 39.6 and that's just federal http://taxes.about.com/od/Federal-Income-Taxes/qt/Tax-Rates-For-The-2013-Tax-Year.htm
http://www.ntu.org/tax-basics/history-of-federal-individual-1.html no, I was talking about the marginal rates but misquoted the numbers. here is a table showing the bottom and top marginal rates since the inception of an income tax. you will note that the three major economic crisis' of the past 100 years happened directly after we considerably lowered the top marginal rates. imo there is a sweet spot like in the laffer curve where taxation is appropriate for the needs of the nation yet not so burdensome as to slow growth. I am certainly not advocating we go back to a 91% top marginal rate like we had in 1950 but somewhere in the neighborhood of 40% is about right. as we both know, the effective rate is a whole other thing....ie Romney paying 15% thanks for the correction
We have been in sequestration for almost 11 months and nothing is really being done about that either.[/quote] The sequester is the only thing that's kept democrats and Rinos from wasting more Tax dollars. The 2nd round of cuts are getting set to take place.
My older brother brought a girl home one time that looked like the Michelin mans twin sister. He was drunk and slaughtered a hawg.
