Infidel Dog

Quote

Antifa types have been protesting that for years

Good for them. Even a broken clock is right twice a day. (Something for you to shoot for. )

It's an easy fix. In the communist 1950s in the USA when America was Great, they taxed them at 90% and created a booming middle class and infrastructure that lasted generations.  It can be done again. Just repeal the Trump tax cuts on the elites for a start.

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It takes 10,000 hours of practice to master a skill, but it doesn’t take more than 10 minutes of research into historical tax rates to prove the above arguments wrong.

As everyone that has filed taxes knows, the marginal tax bracket they fall into isn’t the effective tax rate you pay, because of deductions, and other factors. In the past, the tax code was ridden with loopholes.

When the Revenue Act of 1935 was passed, raising the top income tax bracket to 75%, literally only one person paid it; John D. Rockefeller.

It is true that we did use to have massively high marginal tax rates, but it was never the case that we had high effective marginal tax rates. Nor are the top rates comparable of the past comparable in the levels of income they affect. The new top income tax rate for households of 37 percent kicks in at $315,001 of income. The 91% rate in 1955 kicked in at an inflation adjusted $3.5 million in todays income.

As you can see in this chart from the Congressional Research Service, the top effective income tax rate in America has never exceeded 30 percent.

Tax rates on the rich used to be much higher.

But the tax rates that the rich actually paid? Not so much.

https://bongino.com/did-we-really-used-to-tax-the-rich-at-90/