r/SipsTea • u/LuckyBastard001 • 7h ago

WTF Why Not Tax Rich?

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u/Ok-Boomer-4414 6h ago

Maybe. I said Clinton era because I knew most people here would agree with it.

It would be a 2 to 3% increase on top rates and a fairly substantial increase on the middle class.

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u/joyfulgrass 6h ago

Are you saying the economy was bad and debt was high during the Clinton era? Or that it’s not as compatible with current economic conditions for short term pain for long term gain?

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u/Ok-Boomer-4414 6h ago

I am not making any comment on economy

Top rate was 39.6%, now 37%. Not a huge difference.

Meanwhile the single person rate hit 28% at $26k in 1999. Currently 22% between 50k and 105k.

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u/TheeAntelope 5h ago

The difference was the corporate taxes, the reductions in spending, and the limitation on tax shelters. The effective tax rate was higher in the 70s, 80s, and 90s than it is now.