In sharp contrast, in that same year, the middle 20% of income earners, the true middle class, paid 2.7% of total federal individual income taxes on net, while earning 15% of before-tax income.
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As a result, by 2009, these Reagan Republican tax policies led to the middle 20% of income earners, the true middle class, paying only 2.7% of all federal income taxes, while earning 15% of before-tax income.
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Valuation multiples for minatory transactions are estimated at the 5x-7x earnings before income tax, depreciation and amortization (EBITDA) range, while outright control purchases carry higher multiples.
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Administration officials point to a report by the Democratic staff of the House Energy and Commerce Committee last week that determined that in Oregon and Washington the competition is lowering premium rates even before income-based tax credits are taken into account.
If capital-gains tax rates are lower than income-tax rates (as they were in America before George Bush's tax reforms of 2003), an investor may prefer to sell his shares into a buy-back.
Moreover, most income from executive stock options is now reported as W-2 wage income, while before tax reform it was reported as capital gains when exercised.
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Clemens Fuest, an Oxford don who advises the finance ministry, reckons the government will find some money for income-tax relief before the next federal election in 2013, although less than it promised at the outset.
Before these tax-favored savings plans became commonplace, virtually every dollar of investment income from the savings of middle-income taxpayers was reported as taxable income and therefore counted as income in studies that use those older tax returns to estimate income distribution.
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There are probably two budgets left before the next general election: two one-penny cuts in the basic rate of income tax would allow Mr Brown to go into the election promising a rate of 20p in the pound if Labour is re-elected and dare the Tories to reverse it.
Before World War II, only one-third of the population earned enough to be subject to the income tax.
By luck more than design, the income-tax rebate was well timed (Mr Bush had promised to cut taxes long before the recession hit).
Supply-side tax cuts occur at the marginal rates of the income tax, whereas Keynesian tax cuts occur before those rates.
But, as with his income-tax cuts, the prime minister seems to have gained nothing from his announcement shortly before the elections that he would start bringing the troops home.
Bush was in Atlanta to tout his initiatives to provide grants to low-income families and tax credits to developers to increase minority home ownership by 5.5 million before the end of the decade.
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