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In living (for some), 80%+ tax rates have been used and tax was very high for about 5 decades: - the top marginal rate of tax was 62% in 1932 (up from 25% in
by rythie 11y ago
In living (for some), 80%+ tax rates have been used and tax was very high for about 5 decades:
- the top marginal rate of tax was 62% in 1932 (up from 25% in 1931)
- rising to 91% in 1963 (income over $200k)
- It was at 70% in 1981 (before dropping to 50% in 1982)
http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2013-nominal-and-inflation-adjusted-brackets http://taxfoundation.org/article/us-federal-individual-incom...
and a graph here:
http://visualizingeconomics.com/blog/2010/02/04/historical-marginal-income-tax-rates http://visualizingeconomics.com/blog/2010/02/04/historical-m...
Though I can find very little that talks about the affects of this taxation on society.
- chrisco255 11y agoThe 80%+ tax rate were used to pay for WWII debts. Also, tax loopholes were absolutely rampant prior to the 1986 tax reform act. Because tax rates and deductions are so fungible, and vary from country to country and even state to state (if we factor state and local taxes) the only objective measure is to look at tax revenue as a percentage of GDP: https://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_GDP https://en.wikipedia.org/wiki/List_of_countries_by_tax_reven...