Fun With Math#2

In the 80's Saint Ronald of Reagan lowered the tax rate on the upper part of the 1%'s income from 70% to 50%.

It reduced federal revenues by about 9% in the first couple of years.

The response to the lowered income was more tax load being dumped on to the not rich by subsequent administrations.

The high end tax rate is now 37% on earnings over $510k.

In order to compensate for the lower revenue Social Security, Medicare and Medicaid have been cut by $26 billion, $845 billion and $1.5 trillion respectively.

Needless to say, these cuts don't affect the 1%.

They affect the 40%.

That's how money is shifted from the many to the few.