Your Taxes At Work: All You Need To Know About Who Pays What Taxes In The US

[roo_ster]

http://www.zerohedge.com/news/your-taxes-work-all-you-need-know-about-who-pays-what-taxes-us

Quite the quantitative look at taxes, revenue, and the sources of revenue.  WAY too many charts to link.

I will link one that demonstrates the limitation of gov't and the way humans will adapt, en masse, to stimuli to maximize their own outcomes:

The most dramatic decline in the top individual income tax rate, from 70 percent to 28 percent, occurred during the Reagan Administration, during which tax receipts remained relatively constant as a share of the economy.

I can imagine all these folks reacting to the changed stimuli to protect their earnings/savings from higher taxes or granting them free-er rein in response to lower tax burdens.  A grand, non-coordinated effort that shows the power of complex system adaptation.

[brimic]

Tax cuts can create incentives for individuals to work, save, and invest, which can generate more revenue. The most dramatic decline in the top individual income tax rate, from 70 percent to 28 percent, occurred during the Reagan Administration, during which tax receipts remained relatively constant as a share of the economy.

http://en.wikipedia.org/wiki/Laffer_curve

[drewtam]

I've never seen this counter argument before the Romney kerfluffle. If accurate, it seems pretty convincing that conventional conservative wisdom is not correct on this topic, and I think that is good news...

Of course that depends on it being accurate, the source is a left wing group.

[RevDisk]

Great. Come January 1, my income will get hit with 28% taxes, my stocks with 23.8% and my dividends with 43.4%. My FICA will jump to 6.2%. Gee, thanks Congress.