Comments by "Ego Brain" (@egobrain7349) on "Hollywood Actress BREAKS DOWN In Tears Over High Taxes And Gender Pay Disparity For Black Women" video.
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@CyberMachine Trickle down meant behavioral changes, not an actual trickle down.
Also, under high income taxes, like the end of Woodrow Wilson's administration in 1921, large amounts of money are put into tax shelters instead of being invested into the economy, where it would create output, incomes, and jobs. We seen this in the 20s, after Wilson and after taxes were lowered, and there was rising output, rising employment to produce that output, rising incomes as a result, and rising tax revenues because of the rising incomes. The rich also paid a higher total amount of taxes and a larger percentage of all taxes. There were similar results after high taxes were cut during Kennedy, Reagan, and Bush administrations.
In 1921, those who made over $100k were taxed 73% and the government collected over $700m in income taxes. (30% from those over $100k) By 1929, a series of tax cuts had cut it to 24% and the government collected over a billion in income taxes. (65% from those over $100k) Both the amount and proportion paid by ppl with net income of less than $25k went down between these years. The amount and proportion paid by those with incomes of $50k to $100k went up.
There were 206 people who reported taxable incomes of over a million in 1916. That dropped to just 21 people by 1921. After the tax cuts, it rose to 207 by 1925.
After sharply rising tax increases under Wilson, less and less ppl reported high taxable incomes by either putting into tax exempt securities or rearranging things to lower their liability. Under this increase, the number of ppl who reported income of over $300k (a ton of money at that time) declined from well over a thousand in 1916 to less than 300 in 1921. Taxable income by ppl making over $300k declined by over 4/5. Incomes were rising at that time so this shouldn't have been the case. According to the Treasury Department, money invested in tax exempt securities nearly tripled in a decade. Tax rates can be so high that they fail to bring in more revenue. And then the burden is on the lower income people.
High taxes that the rich avoid paying do not necessarily bring in as much revenue as lower taxes that ppl are actually paying. Lower tax rates make it safer to invest where they can get a higher rate of return.
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