{"id":5592,"date":"2012-09-26T20:38:56","date_gmt":"2012-09-27T00:38:56","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5592"},"modified":"2012-09-26T20:38:56","modified_gmt":"2012-09-27T00:38:56","slug":"if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/","title":{"rendered":"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty"},"content":{"rendered":"<p>by Dan Mitchell<\/p>\n<blockquote><p>I\u2019ve pulled evidence from IRS publications to show that rich people paid a lot more to Uncle Sam after Reagan reduced the top tax rate from 70 percent to 28 percent&#8230;&#8230;.. The United Kingdom saw similar dramatic results when Margaret Thatcher lowered the top tax rate from 83 percent to 40 percent. Allister Heath explains.<\/p>\n<blockquote><p>During the 1970s, when the tax system specialised in inflicting pain, the top one per cent of earners contributed 11pc of income tax. By 1986-87, with the top rate down to 60pc, that had increased to 14pc. After the top rate fell to 40pc in 1988, the top 1pc\u2019s share jumped, reaching 21.3pc by 1999-2000, 24.4pc in 2007-08 and 26.5pc in 2009-10. Lower taxes fuelled a hard-work culture and an entrepreneurial revolution. Combined with globalisation and the much greater rewards available for skilled workers, Britain\u2019s most successful individuals earned a lot and paid a lot in tax.<\/p><\/blockquote>\n<\/blockquote>\n<p>via <a href=\"http:\/\/danieljmitchell.wordpress.com\/2012\/09\/26\/evidence-from-englands-shows-that-if-you-want-to-soak-the-rich-keep-tax-rates-low\/?utm_source=twitterfeed&amp;utm_medium=twitter\">Evidence from England Shows that If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Dan Mitchell I\u2019ve pulled evidence from IRS publications to show that rich people paid a lot more to Uncle Sam after Reagan reduced the top tax rate from 70 percent to 28 percent&#8230;&#8230;.. The United Kingdom saw similar dramatic results when Margaret Thatcher lowered the top tax rate from 83 percent to 40 percent. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,33,34],"tags":[2059,3350],"class_list":["post-5592","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-laffer-curve","tag-taxation-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty - the patient investor\" \/>\n<meta property=\"og:description\" content=\"by Dan Mitchell I\u2019ve pulled evidence from IRS publications to show that rich people paid a lot more to Uncle Sam after Reagan reduced the top tax rate from 70 percent to 28 percent&#8230;&#8230;.. The United Kingdom saw similar dramatic results when Margaret Thatcher lowered the top tax rate from 83 percent to 40 percent. &hellip; Continue reading &quot;If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-27T00:38:56+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty\",\"datePublished\":\"2012-09-27T00:38:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\"},\"wordCount\":185,\"commentCount\":5,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Laffer curve\",\"taxation rates\"],\"articleSection\":[\"Economy\",\"UK &amp; Europe\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\",\"name\":\"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-09-27T00:38:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/26\/if-you-want-to-soak-the-rich-keep-tax-rates-low-international-liberty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"If You Want to \u201cSoak the Rich,\u201d Keep Tax Rates Low \u00ab International Liberty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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This is part of a wider trend with President Obama targeting the wealthy in his election campaign, promising to raise taxes on incomes in excess of $1\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4092,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/dems-lay-trap-for-gop-with-buffett-rule\/","url_meta":{"origin":5592,"position":1},"title":"Dems Lay Trap for GOP with Buffett Rule","author":"Colin Twiggs","date":"April 16, 2012","format":false,"excerpt":"Do Top Earners Pay Too Little?Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. Loopholes and other deductions help lower that rate so that most Americans\u2026","rel":"","context":"In &quot;Financial Planning&quot;","block_context":{"text":"Financial Planning","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/financial-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5781,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/21\/wealthy-advised-to-sell-for-gains-before-unfriendly-2013-bloomberg\/","url_meta":{"origin":5592,"position":2},"title":"Wealthy Advised to Sell for Gains Before Unfriendly 2013 &#8211; Bloomberg","author":"Colin Twiggs","date":"October 21, 2012","format":false,"excerpt":"By Margaret Collins and Richard Rubin Sell. That\u2019s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates. Taxes are set to rise in January in the U.S., pushing the top rate on dividends to\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5437,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/12\/sowell-obama-uses-tax-the-rich-rhetoric-to-hoodwink-voters-the-columbian\/","url_meta":{"origin":5592,"position":3},"title":"Sowell: Obama uses &#039;tax the rich&#039; rhetoric to hoodwink voters &#124; The Columbian","author":"Colin Twiggs","date":"September 12, 2012","format":false,"excerpt":"According to the Internal Revenue Service, more than 2.7 million people earn $250,000 a year or more -- and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at \"millionaires and\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9879,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","url_meta":{"origin":5592,"position":4},"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","author":"ColinTwiggs","date":"May 24, 2014","format":false,"excerpt":"From Alan Reynolds: First of all, the Piketty and Saez estimates do not show top 1 percent income shares nearly as high as those of 1916 or 1928 once we use the same measure of total income for both prewar and postwar data.Second, contrary to Summers, there is no data\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11528,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/08\/heres-how-to-achieve-full-employment\/","url_meta":{"origin":5592,"position":5},"title":"Here&#8217;s How to Achieve Full Employment","author":"ColinTwiggs","date":"February 8, 2015","format":false,"excerpt":"Economic Policy Institute President Lawrence Mishel provides the U.S. House Committee on Education and the Workforce with a shopping list of measures he believes are necessary to achieve full employment. 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