you start jacking up the top tax bracket from 37% to 90%, you’re almost certainly overcorrecting and going to be other the other side of the curve. It exists: but it’s only used as a cudgel against the poor. Maximum revenue American Flag In My Veins Softball In My Heart Shirt set; never higher. But hey, the poor can’t make that argument because their vote matters less than a hedge fund manager who wants to see it lower. Only sorta kinda. Yeah, the top rates were much higher in the 1950s than today, but the issue is the difference between marginal and effective rates. Yes, they were higher in the 50s, but the list of eligible deductions and minimization routes were massive. The wealthy during the high tax years only paid about what they’re paying now.
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Reagan’s tax cut basically narrowed the gap between effective and marginal rates. The idea of this “golden age” of taxation didn’t really exist. Moreover, we talk about income inequality without really qualifying it. What I’m saying here is, while the marginal rates were American Flag In My Veins Softball In My Heart Shirt. In the United States, the top 1% of income earners pay 40% of all income taxes. The bottom 50% of income earners (i.e. half the country) pays a collective 2.94%. If we’re talking about the upper 10% of Americans, they pay 71% of all income taxes. America’s tax system is progressive, but the debate around taxes (by both the left and the right) is being led by staunch ideologues who would NEVER let facts get in the way of making a moral argument. The debate around 91% income taxes doesn’t make sense.
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