Posted on 01/27/2012 6:42:22 PM PST by Mandingo Conservative
Any good explanations for this - I am stumped? This was posted on a Latino group on Facebook that is trying to slander conservatives. If there are any "Latino" or "Hispanic" conservatives and or Republicans here on FR please come to "Being Latino" on Facebook because we need Freepers in the culture war against socialist Latinos. Latino conservatives are getting beat up there because there are not too many of us in that group. Thanks!
That’s some of the rhetoric used by Reagan to help get the maximum rate reduced to 28% from somewhere in the stratosphere.
The top tax rate was lowered from 50% to 28% while the bottom rate was raised from 11% to 15%. Many lower level tax brackets were consolidated, and the upper income level of the bottom rate (married filing jointly) was increased from $5,720/year to $29,750/year. This package ultimately consolidated tax brackets from fifteen levels of income to four levels of income.[1] This would be the only time in the history of the U.S. income tax (which dates back to the passage of the Revenue Act of 1862) that the top rate was reduced and the bottom rate increased concomitantly. In addition, capital gains faced the same tax rate as ordinary income.
What “loopholes” are you referring to? Romney’s 15% tax rate is not a “loophole.” That is the tax rate on capital gains which is different than the taxes on income earned from employment. What other loopholes are you referring to?
You might also note that the top rate dropped from 60% or so down to 28% so loophole or not, the top rate was lower than it is now.
Regan was lowering the bracket and overall tax rates for everyone and eliminating loopholes for everyone. The loopholes for ordinary Americans were small and the ordinary American taxpayer would pay less in the long run due to lower bracket rates. The loopholes for the very rich elite were massive, often resulting in zero taxes. Without them they paid at their bracket rate.
Reagan's tax reform resulted in MORE total dollars paid to the US Treasury while EVERYONE got a reduction in tax rates.
Stink Progress won't tell you that the Marxist's plan is to do exactly the opposite of Reagan and pay subsidies to favored leftie/greenie crony capitalist (Rat donor) corporations, which will have the same effect as massive loopholes for Obama Rat corporations (and only them).
Thanks all!
You might also look into the definitions of tax cuts, tax credits and refundable tax credits.
In 2009 47% of our citizens paid nothing in federal income tax, but thanks to refundable tax credits these same people received $400.00 in `Obama money’: money they didn’t earn.
That’s a downside for those of us who pay taxes; the upside is, $400 is two pairs of Air Jordan sneakers, sale price.
Thanks Mandingo Conservative.
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