[quote=AN]
As you can see, people making $250k in today’s dollar didn’t pay 91% back then as well.
What’s also interesting in 1963, when you say was good period of growth, the lowest tax rate was 20% from the very first dollar you make. It also ramp up very fast where by the time you get to $112k, the tax rate was 50%.[/quote]
You’re absolutely right. A 90% tax rate is too high. I’m pretty sure nobody is advocating that today. Nor even a 50% marginal rate. Though there would be some benefits to it.
And the current tax schedule looks exactly the same, just with a lot fewer and different rates. Tax doesn’t begin at the first dollar of income now, and it didn’t then. The tax rate schedule applies to taxable income.
