Wednesday, March 5, 2008

Eat (off) The Rich

I have just read this article:

The Wall Street Journal The Tax Threat to Prosperity By ARTHUR B. LAFFER January 25, 2008; Page A15

This juicy bit caught mt attention:
"Since 1980, statutory marginal tax rates have fallen dramatically. The highest marginal income tax rate in 1980 was 70%. Today it is 35%. In the year Ronald Reagan took office (1981) the top 1% of income earners paid 17.58% of all federal income taxes. Twenty-five years later, in 2005, the top 1% paid 39.38% of all income taxes."

Good onya, you "rich pricks". The article explains how lowering taxes at the top end has a dramatic effect on the level of avoidance.


A great little video on the Laffer Curve:

Hat tip: NZBR (just catching up on reading their "Update" and "Perspectives" emails)