Whether the 1920s, 60s or 80s, tax revenues increase in concert with top earners accounting for a rising percentage of federal receipts whenever the headline tax rate on the rich declines.

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Those returns between the bottom 50 percent and the top 25 percent pay an average effective tax rate of only 5.6 percent, accounting for only 11.8 percent of all federal income tax revenue.

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The New Jersey Income Tax Act requires taxpayers to claim losses in accordance with their Federal method of accounting, including federal basis rules.

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