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"These folks can afford it. They were rich back in the 90s."
President Barack Obama, in support of his proposed "tax increases on families earning $250,000 or more a year" as reported by the Washington Times.
Date sources: top marginal rates from the IRS, Historical Table 23, federal revenue 1930-2002 from US Statistical Abstract, Historical Statistics, federal revenue 2003-07 from US Statistical Abstract, Table 451.
Percentage of federal income tax returns filed by those reporting incomes (AGI) of $200,000 or more in 2005: 2.7%.
Percentage of federal income taxes paid by those reporting incomes (AGI) of $200,000 or more in 2005: 51%.
Data source: US Statistical Abstract, Table 470.
[I.e., Any taxation above 20% results in a retarded GDP until the 20% equilibrium is reestablished. I.e., lower tax rates to grow the pie the governments slice comes from...]
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