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Originally Posted by Coach
Through the 50's 60's and 70's when America was "great" the top income tax rate never dipped below 70%, getting as high as 92% in the early 50's...
This idea that they've always been a low tax nation is a misnomer. It was incredibly low before they started entering war after war, . So maybe war-mongering and writing blank cheques to the military industrial complex is the issue here? Perhaps the trillion dollars spent on the F-35 could have helped pay for their healthcare? Seems people who are anti-tax should also be anti-war, but that's a pretty rare case. |
Despite the what the top marginal tax rates were in the past, top income earners weren't paying much more back then than they are now.
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There is a common misconception that high-income Americans are not paying much in taxes compared to what they used to. Proponents of this view often point to the 1950s, when the top federal income tax rate was 91 percent for most of the decade.[1] However, despite these high marginal rates, the top 1 percent of taxpayers in the 1950s only paid about 42 percent of their income in taxes. As a result, the tax burden on high-income households today is only slightly lower than what these households faced in the 1950s.
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https://taxfoundation.org/taxes-on-t...950s-not-high/