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How the GOP became the party of tax cheats (www.rawstory.com)

submitted 1 year ago by BeautifulMind@lemmy.world to c/news@lemmy.world

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[-] Changetheview@lemmy.world 38 points 1 year ago

This article is well worth the read. Archived version:

In sum, some of America’s most prosperous times were when top marginal rates were extremely high (70%-92%). And now the GOP only serves the excessively rich and large corporations to put wealth and power above all else, gutting tax revenue and nearly every public program possible so those that already have money can have a little more.

[-] girlfreddy@lemmy.world 3 points 1 year ago

Thanks for the link. What a read!

[-] someguy3@lemmy.ca 2 points 1 year ago

Good read, reasonable length.

[-] jordanlund@lemmy.world 34 points 1 year ago

"Became"? O_o

https://www.forbes.com/sites/taxnotes/2023/07/31/50-years-ago-this-week-tax-analysts-called-nixon-a-tax-cheat/

[-] homesweethomeMrL@lemmy.world 11 points 1 year ago

No shit - when were they not??

[-] grue@lemmy.world 4 points 1 year ago

Eisenhower?

[-] someguy3@lemmy.ca 2 points 1 year ago* (last edited 1 year ago)

They pretended to be the party of law and order. The about-face is unreal.

[-] TWeaK@lemm.ee 6 points 1 year ago

Nixon did it below board, Carter started to legalise it.

[-] jordanlund@lemmy.world 3 points 1 year ago

Carter isn't a Republican though.

[-] TWeaK@lemm.ee 15 points 1 year ago* (last edited 1 year ago)

Fair point, but then it was Reagan who got rid of the 92% tax rate.

"If I get taxed 92% on making my next movie, then I'm not going to make that movie, and all the rest of the movie workforce will be out of work."

No, you fucking dingbat, they'll hire someone else instead and pay everyone else better, as they'll save on your ridiculous pay packet.

[-] jordanlund@lemmy.world 17 points 1 year ago

Close... The 92% rate was under Eisenhower. By the time it reached Reagan, the top tax rate was 70%. He cut it to 50% initially, then cut it AGAIN slightly in his 2nd term to 38.5%.

Source: Am old. Was there.

Also:

https://en.m.wikipedia.org/wiki/Reagan_tax_cuts

[-] MumboJumbo@lemmy.world 4 points 1 year ago

I've heard that if you're upset about something, then you should blame Reagan, because it was probably his fault.

Really though, I just wanted to reply to say that I love your source 🤙

[-] jordanlund@lemmy.world 2 points 1 year ago

For those od us old enough to have lived through his terms (or even remember when he was Governor of California) there's an awful lot to blame him for.

But the other half of the coin is "Why didn't Clinton, Obama, or Biden do anything about it?"

Reagan was in for 8 years. Obviously Bush (4), Bush (8) and Trump (4) weren't going to do anything. Where were Clinton (8), Obama (8)? Where is Biden (3 and counting)?

Notably:

https://www.sandiegouniontribune.com/opinion/commentary/story/2023-04-24/opinion-impact-of-deinstitutionalization-on-homelessness-reagan-mental-health-hospitals-san-diego

https://www.salon.com/2013/09/29/ronald_reagans_shameful_legacy_violence_the_homeless_mental_illness/

[-] captainlezbian@lemmy.world 4 points 1 year ago

Oh jeez 50 is too low, 38.5 is insane.

If I have a 92% tax rate I only keep working because I want to, and that’s a good thing. It discourages me from trying to have all the money

[-] jordanlund@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

If you think 38.5 is insane, have I got news for you!

The current top US tax rate is 37%. ;)

But the rates are also graduated... which is something most people do not understand.

I'm going to use the "Married, Filing Jointly" numbers since that applies to my example:

10% - $0 to $22,000
12% - $22,001 to $89,450
22% - $89,451 to $190,750
24% - $190,751 to $364,200
32% - $364,201 to $462,500
35% - $462,501 to $693,750
37% - $693,751 or more

So you only get taxed at 37% if you make $693,751 or more. But that does NOT mean your tax liability is $256,687.87.

You would pay 10% on the first $22K, 12% up to $89,450, 22% up to $190,750... and so on.

If you make exactly $693,751 you are paying 37% on exactly 1 dollar of income, because the other $693,750 has already been taxed at lower rates.

So for my wife and myself, we combined for $169,000 last year.

10% - $0 to $22,000 - $2,200
12% - $22,001 to $89,450 - $8,094
22% - $89,451 to $190,750 - $17,501

Our total tax liability was $27,795 out of $169,000 or 16.45%. Even though we're in the 22% bracket, we only paid 22% on the income from $89,451 to $169,000.

By the time you count in how much was with-held and how much our deductions were, we actually got a pretty nice refund last year.

[-] captainlezbian@lemmy.world 3 points 1 year ago

Well yeah I’m a taxpayer. Someone wouldn’t criticize tax policy without understanding how their taxes work right?

And yeah I’m thinking in terms of the top bracket which should be set above comfortable upper middle class. At a certain point you have a ton of money, and if you’re trying to retire early using a huge income you can use a Roth IRA and have it taxed as you pull from it slower than you put in to it. These people aren’t paying their fair share and instead we borrow the money to make up for their failure to contribute

[-] LEDZeppelin@lemmy.world 32 points 1 year ago

They cheat on taxes because then they can point fingers at ballooning deficit and remedy that with spending cuts. Always works like a charm.

[-] spider@lemmy.nz 7 points 1 year ago* (last edited 1 year ago)

then they can point fingers at ballooning deficit

...which is caused those welfare queens, you see.

(And no, we don't mean the rich ones.)

[-] Bishma@discuss.tchncs.de 8 points 1 year ago* (last edited 1 year ago)

I know this is never going to happen in our country, that was formed because of unjust taxes, but being a tax cheat should be seen as the ultimate unpatriotic move.

[-] Illuminostro@lemmy.world 7 points 1 year ago

Because they take bribes from billionaires and corporations.

this post was submitted on 03 Nov 2023

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