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They should let you draw a line: the federal income tax rate as a function of income. I saw some options for repealing recent tax cuts, but I want to go back to
by ks2048 2y ago
They should let you draw a line: the federal income tax rate as a function of income. I saw some options for repealing recent tax cuts, but I want to go back to the tax rates of the 1950s.
Actually it would be neat to make something like that - anyone know where to get very detailed data on distribution of incomes? A quick search and I only see fairly course bins. I think this would need a lot of detail, especially at the high outliers.
- gbacon 2y agoAlmost no one paid these predatory marginal rates. People respond to incentives. > Data from the White House’s Office of Management and Budget show that federal income tax receipts as a percentage of GDP have fluctuated between 5.6 percent and 9.9 percent since 1950, despite dramatic changes in the top marginal income tax rate. https://checkyourfact.com/2019/01/09/fact-check-90-percent-taxes-eisenhower-1950s/ https://checkyourfact.com/2019/01/09/fact-check-90-percent-t...
- ks2048 2y ago"almost no one" is consistent with the ultra-high income earners (e.g. top 10,000). This article sites Piketty and Saez, "the top 0.01 percent paid an average total federal tax rate of 71.4 percent in 1960 compared to 34.7 percent in 2004". Okay, 71.4% is not %90, but still pretty high.
- hindsightbias 2y agoPeople dreaming of going back to Leave It To Beaver times might want to rethink that.