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View Diary: Take a Hard Line: We Should be Rolling Back the REAGAN Tax Cuts for the Rich, Not Just Bush (54 comments)

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  •  Upper tax bracket should be 70% over $1.4M (4+ / 0-)

    In 1967 the top bracket was 70% for incomes over $200,000. If we scale that for inflation we get a threshold of $1,371,866.26.

    It takes about $2M today to live a high income luxury lifestyle, and that might result in a $1.4M taxable income after deductions of mortgage payments, etc. So we are only taxing those with extreme lifestyles. They still get to spend $3M for every $10M in taxable income above $1.4M.

    The next lower bracket should revert to the Clinton rate of 39.6%.

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