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BohemianBabe For your edification, Boo-Boo (and you urgently need it) 🙄:
"After Rep. Alexandria Ocasio-Cortez (D-N.Y.) raised the idea of a marginal tax rate of 70% on income over $10 million, the progressive wing of the Twittersphere began pointing out that in the 1950s and early 1960s, the top marginal tax rate was over 90%.
The progressives’ point was that, despite this seemingly onerous level of taxation, the 1950s were a golden age for the U.S. economy, and the rich did just fine, thank you very much. According to records compiled by the Tax Foundation, a single person making $16,000 in 1955 — that’s $150,000 in today’s dollars — had a marginal tax rate of 50%; compensation of $50,000 ($470,000 today) moved you into the 75% tax bracket; and an income of $200,000 ($1.9 million today) put you in the 91% tax bracket. (Married couples filing jointly hit the 91% mark at $400,000.)
That meant that the federal government took 91 cents of every dollar over $200,000. When you added it all up, someone in 1955 who made $1 million a year paid over $800,000 in taxes.
At least they did in theory.
Myself, I had a hard time believing that wealthy people in the 1950s had a different attitude toward the taxman than wealthy people do today. And guess what? I was right.They bridled just as much at what they viewed as confiscatory taxes.
And they found — or created — enough loopholes that, according to the Congressional Research Service, the top 0.01% in the 1950s paid not 90% but closer to 45% of their income in taxes."In case you want to read the whole LA Times article, here's the link:
https://www.latimes.com/business/la-fi-nocera-tax-avoidance-20190129-story.html
But of course, you won't read it; like Shady Corvus, you avoid edification like the plague. 🙄