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> raise the top marginal tax rate to 91%. You forgot "include enough loopholes so employees are the only folks who pay that rate". Basically, the 91% rate is
by anamax 17y ago
> raise the top marginal tax rate to 91%.
You forgot "include enough loopholes so employees are the only folks who pay that rate".
Basically, the 91% rate is what kept second tier actors like Ronald Reagan working. When folks got to the point where their marginal rate was too high, they turned down work.
- defen 17y ago> "include enough loopholes so employees are the only folks who pay that rate". I thought it was always was, and always will be, that way :-)
- anamax 17y ago> I thought it was always was, and always will be, that way :-) The system is significantly more progressive now than it was in the past. The fraction of taxes paid by upper income folks is higher now than it was during the 91% days. Federal income tax is only paid by folks with greater than median income. (Yes, lower income folks do pay SS, but they get it back and more in retirement. SS is much less favorable, in rate of return, for upper income folks.)