An Overlooked Constant

The theater of the absurd in Washington revolving around raising tax rates on the wealthy is based on a fiction: massively raising the rates will result in additional revenue for the government. One of the constants in any analysis of income taxes paid in the United States since their inception in 1916 is the correlation between the top marginal rates and the taxes actually paid by the so-called wealthy. Short of turning America into Stalin's police state and confiscating all the wealth of the "evil" one percent, the predictable behavior of this economic class very much revolves around the tax policies of the government, both state and federal. The two taxes that most effect the financial decisions of the wealthy are income and capital gains taxes. A cursory examination of these rates and the percentage of overall tax revenue paid by the top one percent of tax filers since 1979 reveals:     Top Marginal Income Tax Rate Maximum Capital Gains Tax Rate Percentage...(Read Full Article)