|Congress||Years||President||House Republican||House Democrat||Senate Republican||Senate Democrat|
Today, four income tax brackets raise tax rates from 10% to 35%.
Today, it varies between 0% and 15%.
Today, the rate is 35% on estates over $5 million.
d. In 1980, Tariff taxes were paid on most imported goods entering the USA.
Today, "Free Trade Agreements" have eliminated tariff taxes on foreign imports.
e. In 1980, the corporate tax rate was 46%.
Today, corporate tax rates vary between 0% and 35%.
Furthermore, while average Americans pay income taxes on their gross income, corporations pay income taxes on their net income after deductions and loopholes! The U.S. tax code currently contains 61,000 pages of highly complex deductions and loopholes, which allow most corporations too reduce their tax obligations to zero.
a. Washington spends to much on military weapons systems,
THIRD - From 1981 through 2010, the U.S. national debt grew 1500%, from $900 billion in 1981, to $14 trillion on 12-31-2010. Here is a recap of the thirty-year growth of our U.S. national debt:
10-08 to 9-09, the debt grew from $10.7 trillion to $12 trillion, (Bush Jr.)**
In summary, the "accumulative impact" from 30-years of conservative economic policies: low taxes on upper incomes, coupled with huge military and foreign aid spending, have efficiently extracted trillions of tax dollars from the U.S. Economic Infrastructure. Conservative economic policies have "Skillfully Redistributed America's Wealth" too the top 5% of income earners: Multinational Corporations, Large Banks, and Super Wealthy Aristocrats. These high income earners used their thirty consecutive tax cut windfalls to finance offshore investments in China, India, Brazil, Asia, and former Soviet Union countries.
Public Laws 97-34, and 99-514 reduced taxes on upper incomes by more than 50%.
The conservative 108th and 109th congresses completed their 20-year assault on America’s progressive tax structure, by passing Public Laws 107-16, and 109-222. The 110th congress was forced to pass Public law 110-343, the Emergency Economic Stabilization Act of 2008, to bail out insolvent Wall Street Banks, which collapsed from their highly profitable but fraudulent: sub prime mortgages, OTC derivatives, and credit default swaps.