While the top tax rate is 37% today, debating raising or lowering the rate a few percentage points is pale in comparison to the rates of 70-90% we had in the past, we're told.
"The income tax rate, through the early 60s is I think 91% on incomes over $200,000." said author Malcolm Gladwell.
It is true that we did use to have massively high marginal tax rates, but it was never the case that we had high effective marginal tax rates.
The new top income tax rate for households of 32 percent kicks in at $315,001 of income.
Nor has the government been starved of revenue in light of the decline of marginal tax rates - because it's the effective rate that matters.
Tax rates on the rich used to be much higher.
The tax rates that the rich actually paid? Not so much.
https://www.bongino.com/did-we-really-used-to-tax-the-rich-at-90/
"The income tax rate, through the early 60s is I think 91% on incomes over $200,000." said author Malcolm Gladwell.
It is true that we did use to have massively high marginal tax rates, but it was never the case that we had high effective marginal tax rates.
The new top income tax rate for households of 32 percent kicks in at $315,001 of income.
Nor has the government been starved of revenue in light of the decline of marginal tax rates - because it's the effective rate that matters.
Tax rates on the rich used to be much higher.
The tax rates that the rich actually paid? Not so much.
https://www.bongino.com/did-we-really-used-to-tax-the-rich-at-90/
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