San Diego Housing Market News and Analysis
91% tax rate in 1958 a myth
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Submitted by ctr70 on December 6, 2012 - 10:55pm
Great article by Peter Schiff about the fantasy that the rich paid higher taxes in the 1950's. It was pretty much symbolic. Low & middle income earners actually paid a much higher share of overall taxes back then as they do now, the "so called rich" pay a higher share of taxes now than they did then. Some excerpts:
"Just 236 of the nation's 45.6 million tax filers had any income that was taxed at 81% or higher."
"It is a testament to the shallow nature of the national economic conversation that higher tax rates can be justified by reference to a fantasy—a 91% marginal rate that hardly any top earners paid."
"In reality, tax policies that diminish the incentives and capacities of innovators, business owners and investors will not spur economic improvement. Such policies will, however, satisfy the instincts of those who want to "stick it to the rich." Never mind that the rich have already been stuck fairly well."
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