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From: bnapl@burdvax.UUCP
Newsgroups: net.politics,net.politics.theory
Subject: Soaking the Rich
Message-ID: <1982@burdvax.UUCP>
Date: Fri, 22-Mar-85 13:14:08 EST
Article-I.D.: burdvax.1982
Posted: Fri Mar 22 13:14:08 1985
Date-Received: Mon, 25-Mar-85 01:42:27 EST
Organization: Burroughs Corp. - SDG/Devon
Lines: 34
Xref: watmath net.politics:8206 net.politics.theory:450


Well the lastest statistics are in and it doesn't look good for those 
who pooh-poohed the supply-side theory.

The numbers from the IRS show that taxes paid by higher-income Americans
rose from '82 to '83, just as from '81 to '82.  The numbers show that those
with adjusted gross incomes over $50,000 paid approximately 12% more tax in
'83 than in the previous year.  At the same time, taxes paid by those with
an AGI under $50,000 dropped by slightly over 6%.  These numbers show that
the tax cut did just what the President said it would; it generated
additional revenue by stimulating investment and entrepreneurial income.

In case your interested, the number reported by the IRS are:

			     Taxes paid*         % total taxes paid
	Income class#	 1981	 1982	 1983	1981	1982	1983
	$0-15,000	26,571	23,949	21,037	 9.1%	 8.4%	 7.4%
	$15k-30k	80,475	74,196	67,000	27.6	26.0	23.6
	$30k-50k	88,322	86,363	84,736	30.3	30.2	29.8
	$50k-$100k	52,156	51,732	55,179	17.9	18.1	19.4
	over $100k	43,633	49,387	55,781	10.0	17.3	19.6
	over $1,000k	 4,901	 6,955	10,231	 1.7	 2.4	 3.6
	----
	* in millions of dollars
	# Adjusted Gross Income
	courtesy of the Wall Street Journal


So much for Reagan's tax cuts benefiting the rich at the expense of the
middle and lower classes.

-- 
Tom Albrecht 		Burroughs Corp.
			...{presby|psuvax1|sdcrdcf}!burdvax!bnapl