Analysis: Democrats are having the wrong debate about taxes
To judge by the 2020 campaign, you’d think that if there’s one thing the Republicans and Democrats disagree about, it’s taxes:
The wealthy have been the big winners in the economy over the past several decades, and it’s appropriate that they bear more of the tax burden. But if you compare the taxes the wealthy are paying to how much of the national income they earn, theirhas kept pace with their rising income share. The top 1 percent of earners earned about 7 percent of income in 1980 and paid 14.7 percent of income taxes.
In truth, Reagan and the Republicans have never been particularly opposed to tax progressivity. They cut taxes on the wealthy because they want big tax cuts, and if you want a big tax cut you have to cut taxes on the wealthy, who are the ones who pay the largest share of taxes: The top 20 percent of taxpayers paid over 80 percent of income taxes, for example.
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