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JHB

(37,160 posts)

5. Even on the graph, it doesn't look like the effective rates are back to PRE-Reagan

Reply to pampango (Reply #4)

Fri Nov 14, 2014, 07:27 AM

Nov 2014

It's higher than some periods in his term, but not the portion before.

Still, it's important to remind ourselves that the top marginal rate and effective rate are two different things. In the 12 years for which George Romney (Mitt's dad) release tax returns -- which were mostly in the period with 90+% top rates, and a few years after it was lowered to 70% -- his effective income tax rate was 37%.

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6 replies

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Highlight:

Krugman: Why the One Percent Hates Obama - Their tax rates back to pre-Reagan levels [View all] pampango Nov 2014 OP

It's called greed Andy823 Nov 2014 #1

I think it's basically what they do now. nt Mnemosyne Nov 2014 #2

A pre-Reagan rate would be 70% Spitfire of ATJ Nov 2014 #3

I believe Krugman is talking about the average tax rate paid, not the top rate on the last dollar pampango Nov 2014 #4

Even on the graph, it doesn't look like the effective rates are back to PRE-Reagan JHB Nov 2014 #5

The way he puts it gives people the idea that Obama has a link to Carter. Spitfire of ATJ Nov 2014 #6