Historical Tax Percentages / Romney's Dad's Tax Percentage

[Toronado3800]

Hello,

I heard something earlier stating Romney's father paid 37% of his income in taxes in 1960 something. A little bit of google and a little bit of the search feature on here really did not help me confirm this.

A few years ago I figured this out for myself, do not remember the numbers though. Guess I will do so again in a few weeks.

Does anyone have numbers on the average percentage of income actually paid by Americans of different income levels in taxes? Not the rate, but what was actually paid. My rate is higher than I actually pay thanks to the mortgage interest and other deductions.

Any info on 2010 vs 2000 vs 1980 vs 1960 and all that?

Thanks for your time.

 

[Toronado3800]

No ideas? This is very important. If the greatest generation paid more in taxes as a percentage of their income we shoukd further honor them.

Back to google next time I get a break at work.

:bump:

 

[California Girl]

Why would that matter? Tax rates go up, tax rates go down. This has nothing to do with 'honor', it is to do with federal spending.

Idiot.

 

[Truthmatters]

File:Chart 1.png - Wikipedia, the free encyclopedia

 

[Truthmatters]

Note that when you put the wealthy on REALLY low tax levels we get major economic downturns.

 

[Truthmatters]

Its the EXACT opposite of what the right claims

 

[Toronado3800]

Why would that matter? Tax rates go up, tax rates go down. This has nothing to do with 'honor', it is to do with federal spending.

Idiot.

My apologies for saying something offensive. I do not mean to imoly any "worship" of the WWII generation. They were a mixed bag with civil rights for example. Still I would have even greater respect for an era where the folks went to war, lived with rations at home, then paid enough in taxes to build the America we are living in. But once again I meant no disrespect.

Back to the point, any old timers on board with a tax return from the 60's we can look at?

 

[Toronado3800]

File:Chart 1.png - Wikipedia, the free encyclopedia

Thank you. I missed that browsing through. Darned phone.

Did Prescott Bush actually pay 80% of his income in taxes in the fifties? I almost hope not. Or after deductions was he down in the 30%'s?

Thank you again Truthmatters.

 

[uscitizen]

Hmm higher taxes then and we grew good paying jobs, had unions, and kept most of our company's here in the USA.
Hmmm.

 

[Greenbeard]

Hmm higher taxes then and we grew good paying jobs, had unions, and kept most of our company's here in the USA.
Hmmm.

Dark times.

 

[DontBeStupid]

File:Chart 1.png - Wikipedia, the free encyclopedia

Thank you. I missed that browsing through. Darned phone.

Did Prescott Bush actually pay 80% of his income in taxes in the fifties? I almost hope not. Or after deductions was he down in the 30%'s?

Thank you again Truthmatters.

The highest tax rate only applied to the highest levels of income, just like today. Meaning, that if the top rate was 80%, no one actually paid 80%. That only applied to income earned over a certain level. A total in the 30% sounds about right.

 

[Toronado3800]

File:Chart 1.png - Wikipedia, the free encyclopedia

Thank you. I missed that browsing through. Darned phone.

Did Prescott Bush actually pay 80% of his income in taxes in the fifties? I almost hope not. Or after deductions was he down in the 30%'s?

Thank you again Truthmatters.

The highest tax rate only applied to the highest levels of income, just like today. Meaning, that if the top rate was 80%, no one actually paid 80%. That only applied to income earned over a certain level. A total in the 30% sounds about right.

I know I know.

Someone someplace just has to know what the average taxes actually paid for each income bracket were in each decade.

Without that information how can we possibly say taxes are too high or too low now.

 

[Toronado3800]

Going through some old boxes of mine, man I thought my paperwork was better.

With no kids then and first part time tuition deductions then my relatively modest mortgage I seem to have averaged 9% to 10% in Fed taxes off some 35k year returns through the early 2000's. Perhaps tomorrow when the wife is up I will dig up some more modern ones.

Off to do some more Googling to maybe find averages for the past.