The Self-Destruction of the 1 Percent
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In the 1950s, the marginal income tax rate for those at the top of the distribution soared above 90 percent, a figure that today makes even Democrats flinch. Meanwhile, of the 400 richest taxpayers in 2009, 6 paid no federal income tax at all, and 27 paid 10 percent or less. None paid more than 35 percent.
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Alas, why can't we make it simple and just have all individuals pay a flat rate on their income, say 15%. No exceptions, no loopholes, no deductions.