Have you never wondered why the liberals/ Democrats never brag about how the revenues just gushed in when they raised taxes on the rich? That is because when taxes are raised, the rich pay less in taxes, both in terms of a percent of total taxes paid by all incomes and in real dollars.
The truth, according to the IRS tax revenue tables, is as follows: In 1980, when the highest tax rate was 70 percent, the richest 1 percent paid 19 percent of all taxes. In 2005, with the highest tax rate at 35 percent, after the Bush tax cuts, the richest 1 percent paid 39.38 percent of all taxes, the highest percent ever and double what they paid at 70 percent!
The tax rate was cut in half on the rich. They paid twice the percent of total taxes and also by far the most ever in real dollars! Does that sound like the rich didn't pay their fair share?
A minor advantage of the rich making all of that money: They hired so many people, the highest unemployment rate in the Bush years was lower than the lowest unemployment rate in the Clinton years. Six million jobs were created as the result of the Bush tax cuts.
Then the Democrats took control of Congress in 2006, and introduced trillion-dollar deficits that have killed the economy and introduced the highest unemployment in decades.
These are the facts.