November 29th, 2017

Some stuff about taxes in this country (re-posted from 7/21/16):


From 1950 to 2014, tax receipts from personal income have consistently been at and between 7 and 9 percent.  In 2014, 8.1 percent.
Tax receipts as a percentage of the Gross Domestic Product has been under twenty percent from 1950 to 2014 in the U.S.
"Percentage of taxes paid by highest quintile of income earners has steadily gone up since 1980.  In 1980 the top twenty percent paid about fifty-five percent of all income taxes.  Today it's just shy of seventy percent."
"The same goes for the top one percent, which went from about fifteen percent in 1980 to just shy of thirty percent today."
However, the top marginal tax rate is lower now than in 1980: the top marginal tax rate in 1980 was (approximately) seventy percent and was (approximately) forty percent in 2013.
In 1955, a ninety-one percent tax rate was charged on income "over $3,425,766 when adjusted for inflation."
"Corporate tax rates have always been lower than fifty percent."  When personal income tax rates are reduced many businesses switch from the corporate tax system to "filing under the individual tax system."
sources: Tax Foundation, Tax Policy Center, Alan Reynolds, from an article (11/24/15) by Andrew Syrios in Mises Daily Articles/ Mises Institute 

added 12/1 (from a post on 4/16/16):  "An estimated 45.3% of American households -- roughly 77.5 million -- will pay no federal individual income tax, according to data for the 2015 tax year from the Tax Policy Center, a nonpartisan Washington-based research group."  - Google (4/16)
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posted earlier
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