4 ms·
To answer that, let’s look at what his rate would have been during America’s greatest expansion of prosperity, when possibly more people of humble means were pu
by kmlevitt 6y ago
To answer that, let’s look at what his rate would have been during America’s greatest expansion of prosperity, when possibly more people of humble means were pulling themselves up from their bootstraps than at any other point in history. Let’s go with say 1960 and adjust for inflation.
https://web.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf https://web.stanford.edu/class/polisci120a/immigration/Feder...
1,500,000 in 1960 dollars is about 180,000. Which means his maximum tax rate would have been 87%
My guess is that number will shock and outrage people. Even I think that’s too high. But the point is history already shows us that all those arguments that that rate wouldn’t result i. The destruction of incentives for Americans to work harder, or lower overall quality of life. For example that tax revenue could pay for funding college so that people don’t have to take on crushing debt just to go.
- apta 6y agoExcept that is a misconception because no one paid anywhere close to that 87% rate back in the day. The rich will always find loopholes and deductions to lower their tax rates.