| theprof00 said: Prove to me now, how lower taxes for the rich improves anything. |
When you lower taxes on the rich, you stimulate the economy, and when it grows, the net income of the government goes up. Interestingly, when you lower taxes on the rich, they end up paying more of the taxes. Here is a fact:
The Tax Foundation states that the tax cuts signed by U.S. Presidents Ronald Reagan and George W. Bush, contrary to popular belief, actually made the U.S. tax code more progressive, not less. In 1980, before Reagan's tax cuts, the richest 1% paid 19.05% of all federal income taxes, and by 1988, after Reagan's tax cuts, their share had increased to 27.58%. Likewise, in 2001, before Bush's tax cuts, the richest 1% paid 33.89% of all federal income taxes, and by 2006, after Bush's tax cuts, their share had increased to 39.89%. [16]
