Do you think the 70% tax bracket will return if a Democrat is elected to office?

In your question, you went from asking if such a thing would happen to saying that it's in the Democrats' plan. Just back up a minute and ask yourself, would people allow that? No.

Firstly, the Iraq drain would be stopped. That alone costs us billions every year that we are there. Personally, I'd like to see us pay down our deficit instead of run it up sky high. Presumably, like you, I am for cutting out wasteful spending. That makes perfect sense.

The Democrats have their work cut out for them, but to tell you the truth, GWB has made it all too easy for them to march right into office and make a few easy and popular decisions right off the bat. Based on what I've seen, the Republicans offer you no hope in easing your worries, either. They have their heads in the sand.

Just a couple of points: The 70% tax bracket was in effect from 1971 - 80 and during this time the marginal tax rate for Earned Income was 50%. Also, it's a marginal tax rate so only the amount greater than $200k, i.e., none of your $85,000 would have been taxed at the 70% rate.

A closer look at the table will show that, since 1994, the top rate has only be 39.4% and this rate has been applied to a higher and higher income ($311k in 2003). So the super elite have been paying less and less taxes which means that the tax burden has been shifted to those of us in the salary range you were describing.

So if you want to know who's been "taxing the crap" out of you, it's our current president.

Vote Mike Huckabee he supports Fair Tax. Getting rid of the IRS no income tax, taxes a flat 23% consumption tax,no savings tax, no investment tax, and every month most people would get a prebate check. Check out how much you would save with the Fair Tax calculator. Fair Tax.org

Taking 70% from one's income of 85K is preposterous. Yutsnark comment on graduated-slope computation is, I think, the most sensible. With the presence of hi-tech computers, this will be easy to handle. Wealthy must refer to the 1% Americans who earns 500K and above. A super-rich bracket I guess must be introduced to cover people like Oprah and Bill Gates.

In this world, two things that you can't escape from, the tax-collector and death.

In the early 80's, $85,000 was worth a lot more. Also there were a lot more deductions you could take. (If I remember correctly, *all* interest of any kind, and *all* medical care were deductible.)

I have seen a proposal that the graduated tax should be a "slope" rather than a series of "levels." That makes a lot of sense to me.

In any case, I do hope that the 70 percent tax bracket returns, since the gap between rich and poor is rising, and that's bad for all of us.

You are totally wrong about the amount of tax those examples you gave would pay. You only have to consult Your pub 17 and look up your tax tables. The taxes for that amount were never as you stated.

During one of the debates Obama said something about lowering taxes for those who made less than 75K. I am right at that mark. IMO if he lowers taxes for people who make 75K he will raise it on those who make above 75K. My suggestion is to have multiple tax shelters to avoid this possible upcoming tax increases. If you have kids that will help. Also contribute to your 401K or Traditional IRA, second if you own a home make sure to write off all your property taxes and interest from your mortgage. Remember its about staying below that 75K mark for "taxable income". Either way those of us who have made the right decisions and worked hard and planned ahead are going to suffer if them dems get elected.

I agree. I think Obama wants to tax the rich who own big businesses. I can't see taxing anyone by 70%. If this happens, the Dems return to power would be very short lived.

I doubt it...Obama says on his website that he will reverse the Bush Tax cuts for the wealthy...that means the top tax rate will go from 35% to 39.6% like it was during Clinton administration.

Nowhere have I heard that the top tax rate will go higher than 39.6% and the taxes are only supposed to increase for people making more than $250,000...the poor and middle class are supposed to get tax cuts.

When will people get smart and start calling their congressmen about the fair tax? It's not even on your income! You're only taxed on what you spend. Study it and start making those calls! But don't even come on here knocking it until you study it.