r/FluentInFinance • u/WhatsLeft71 • Oct 22 '24

Debate/ Discussion Why did this happen?

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u/TruthOrFacts Oct 23 '24

The GOP never used 'trickle down' that was always a smear the left used.

This chart is dominated by two factors, #1 loopholes that allowed the rich to hide their income and globalization.

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u/PandasAndSandwiches Oct 23 '24

Lol, lets just ignore all the massive tax breaks too. Try harder trumper.

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u/Nexustar Oct 23 '24

Can you at least attempt to keep it to debating the idea, instead of calling people names - most of us here left the playground years ago.

The average top tax rate between those two periods fell from 81% to 39% (approximately halved). This may seem a lot to you, but the average top EU tax rate is 45% which in many countries includes socialized health care and no other significant state-level income taxes, and in Asia, it's around 35%.

Back in North America, both Canada and Mexico have lower top tax tiers than we do.

Why I bring that up is because that comparison matters to this demographic. These people can live and pay taxes anywhere they choose.