Tax Rates and Revenues
Much of the debate about the soon to expire Bush tax cuts centers on ‘fairness’- making ‘the rich’ pay their fair share of federal income taxes. Proponents of higher marginal tax rates constantly chirp that “We [the USA] simply can’t afford to forego the extra revenue that would be collected.”
The idea that higher marginal rates actually bring in more money has been shown to be incorrect over the decades. America has had top marginal rates as high as 91% and as low as 28% yet the amount of tax collected has held in a relatively tight range as a percentage of GDP.
What does bring in more tax revenues is a growing GDP – not a higher marginal tax rate which, ironically, is a deterrent to GDP growth.
The other argument that wealthy people aren’t paying enough under current tax rules is also debunked easily. Simply take a look at this chart …
As lower marginal rates have taken effect the percentage of federal income taxes paid by the top 1% has climbed dramatically. In fact, by 2006 the top 1% as a group paid more than the entire bottom 95%!
Dr. Paul Price
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