"When Ronald Reagan took office in 1981, the top tax rate in America was 70 percent. Reagan cut that to 50 percent in 1982, then to 38.5 percent in 1987, and finally to 28 percent in 1998. What happened? Unemployment dropped from 9.2 percent (exactly what it is today) to 5.3 percent and inflation plummeted from 13.5 percent to 4 percent. At the same time, real income for Americans grew by an average $4,000."
That's one example. Here is another.
"John F. Kennedy — a Democrat! — had the right idea. He slashed the capital gains tax in 1962 and dropped the top tax rate to 70 percent. Federal tax revenues went up 50 percent, from less than $100 billion in 1961 to more than $150 billion in by 1968"
And yet another example.
"Reducing taxes, historically, has driven up federal revenue. In the 1920s, Warren G. Harding and Calvin Coolidge dropped the top tax rate from 70 percent to 25 percent; revenue rose from just more than $700 million in 1921 to $1.1 billion by the end of the 1920s."
One other lesson from history.
"One of the real problems is the tax-paying base. A whopping 43 percent (some say nearly 50 percent) of Americans — 66 million “lucky duckies” out of 151 million taxpayers — don’t pay a cent, according to the Tax Policy Center. That’s a far cry from the past: From 1950 to 1990, that number averaged 21 percent, dropping to 18 percent in 1986, according to the Tax Foundation."
So when President Obama says "Fair Share" he means the Richest among us, but he should be talking about the bottom of the Heap. 43-50% pay nothing. Does this sound like paying a "Fair Share"?
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