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The Biggest Tax Collector in American History
futureofcapitalism.com

The biggest tax collector in American history was George W. Bush, Bill Frezza writes at Real Clear Markets:

During the eight years of the Clinton Administration the Federal government collected a total of $5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately $7.45 trillion dollars in individual income taxes. The rich - that is, the top 1% of taxpayers - not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.

[Edited August 25 to reflect a correction issued by Mr. Frezza.]

Interesting stuff.

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Correction
futureofcapitalism.com

Bill Frezza has issued a correction of his analysis of IRS data that he had published at RealClearMarkets.com and that I had cited in posts here and here. He explains: "The numbers I reported had two errors. First, they were from the top 5% column, not the top 1%. ...Second, I did a simple average of the annual reported blended rates and did not weight them against AGI, which increased over the eight years of each presidency. When you do a weighted average for the top 1%, their blended rates actually dropped from 28% under Clinton to 24% under Bush."

The rest of Mr. Frezza's analysis — that the "rich" paid more money in taxes under Bush than under Clinton and that their share of the overall income tax burden increased — stands.

Read More...


The Biggest Tax Collector in American History
futureofcapitalism.com

The biggest tax collector in American history was George W. Bush, Bill Frezza writes at Real Clear Markets:

During the eight years of the Clinton Administration the Federal government collected a total of $5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately $7.45 trillion dollars in individual income taxes. The rich - that is, the top 1% of taxpayers - not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.

[Edited August 25 to reflect a correction issued by Mr. Frezza.]

Interesting stuff.

Read More...


Correction
futureofcapitalism.com

Bill Frezza has issued a correction of his analysis of IRS data that he had published at RealClearMarkets.com and that I had cited in posts here and here. He explains: "The numbers I reported had two errors. First, they were from the top 5% column, not the top 1%. ...Second, I did a simple average of the annual reported blended rates and did not weight them against AGI, which increased over the eight years of each presidency. When you do a weighted average for the top 1%, their blended rates actually dropped from 28% under Clinton to 24% under Bush."

The rest of Mr. Frezza's analysis — that the "rich" paid more money in taxes under Bush than under Clinton and that their share of the overall income tax burden increased — stands.

Read More...


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Bill Frezza

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