4 ms·
If you’re in the US, you’re basically just asking for the tax rate to return to what it was in the 1950s.
by BlackjackCF 3y ago
If you’re in the US, you’re basically just asking for the tax rate to return to what it was in the 1950s.
- lainga 3y agoAnd many forget that the first cuts were proposed by Kennedy and passed by LBJ as part of the "Great Society" bills. [] https://en.wikipedia.org/wiki/Revenue_Act_of_1964 https://en.wikipedia.org/wiki/Revenue_Act_of_1964
- renegade-otter 3y agoFunny how we have huge fans of the 50s but they don't want the tax rates or the unions. They just miss the racism and the casual misogyny.
- gruez 3y ago>you’re basically just asking for the tax rate to return to what it was in the 1950s. AFAIK the high tax rates of the 1950s were also coupled with high levels of deductions/tax loopholes (eg. company cars), so the effective tax rate didn't really change much.
- Guvante 3y agoI feel like free company cars won't impact the super wealthy at all...
- gruez 3y ago"company cars" is just an example. If you want to look at the statistics, look at Federal government total receipts[1] divided by GDP. You'll see that it's mostly remained flat since the 1950s (since the data starts) despite large changes in headline tax rates. https://files.catbox.moe/c1ltvd.png https://files.catbox.moe/c1ltvd.png [1] https://fred.stlouisfed.org/series/W018RC1Q027SBEA https://fred.stlouisfed.org/series/W018RC1Q027SBEA
- Guvante 3y agoEffective tax rate is not the same as total receipts and talking about total receipts when discussing insufficient taxation of the wealthy is falling into the "all taxes are paid by the poor indirectly" trap.