90% tax bracket. If someone making $10 mil ayear was upset about paying $9 mil in taxes would he be greedy?
Those who scoff apparently don't know history since taxes have been that high in the past
Those who scoff apparently don't know history since taxes have been that high in the past
margaret h
Favorite Answer
No, it's not greedy,simply unjust to take the fair return on someone's investment of his capital, effort, and time.
The amount is irrelevant.
Tax rates were at 90% for the highest income earners during and just after WWII.
Some of them paid as a patriotic duty but the majority quickly slowed down their earnings or took their enterprises overseas once it was safe again.
Why should they risk their capital or work hard for such a small return?
There is NOTHING to stop the Democratic Triumvirate of Reid, Pelosi, and Obama from RAISING taxes and rates to ANYTHING they WANT.
oohhbother
It's been a LONG TIME since the tax rate was that progressive.
But now - the top tax rate is too low and the 3% can be put back
Years Lowest Rate Highest Rate Source
1944-1945 - 23% 94% Census
1946-1947 - 19% 86.45% Census
1948-1949 - 16.6% 82.13% Census
1950 - 17.4% 84.36% Census
1951 - 20.4% 91% Census
1952-1953 - 22.2% 92% Census
1954-1963 - 20% 91% Census
1964 - 16% 77% Census
1965-1967 - 14% 70% Census
1968 - 14% 75.25% Census
1969 - 14% 77% Census
1970 - 14% 71.75% Census
1971-1981 15 brackets 14% 70% IRS
1982-1986 12 brackets 12% 50% IRS
1987 5 brackets 11% 38.5% IRS
1988-1990 3 brackets 15% 33% IRS
1991-1992 3 brackets 15% 31% IRS
1993-2000 5 brackets 15% 39.6% IRS
2001 5 brackets 15% 39.1% IRS
2002 6 brackets 10% 38.6% IRS
2003-2008 6 brackets 10% 35% IRS
Anonymous
There is no such thing. Even marginal tax brackets round off at about 35% for the highest wage earners for federal taxes. Which, added into your state/city taxes, would place you near 50% total taxes. No such thing.
You don't realize that you are talking about 90% on just part of a rich person's income, not the whole thing. For example, though I don't know the exact numbers, if you make 300,000, you may have only been charged that 90% on 25,000 of that money, not the whole lump sum. And that was only for like 2-3 years in the fifties. You don't know what you are talking about.
Anonymous
So he is paying 3.5 mil and the other guy is paying less then $5,000. You don't know how the system works. The millionaire pays 33% on almost all his income. The guy making $50,000 is not even paying 33% on any of his income. Stop quoting Left wing bumper sticker slogans.
wertzy5
America is capitalist. People can be poor and homeless living in a dumpy old city and become a millionaire if they have enough motive. Everyone has equal opportunity with the school system in America, that's why we live in the greatest country in the world. Increasing taxes ruins the American dream and at the stage of our economy, it can cause serious problems. Herbert Hoover did it in 1929 which led to the great depression, we can't afford that.
McCain/Palin 08'