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View Diary: Should Americans Forgive the $2.5 Trillion Borrowed From Social Security? (181 comments)

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  •  There should be additional brackets with (21+ / 0-)

    graduated rates going up to 70% today.  Adjusting for inflation those rates were on income over a million+.  In those days you didn't have CEOs making $30 million even adjusting for inflation.  

    People need to realize that the wealth created by enormous growth in productivity didn't trickle down either.  That's separate from tilting the tax code to favor the rich.  It's a labor issue.  It's a break in the social contract that recognized workers have a right to the fruits of their labor.  

    I hear people griping about having 50 or 51 employees and falling into the large business category for Affordable Care Act requirements.  I say if you can't make it on the backs of 50 other people you shouldn't be in business.

    "Those who deny freedom to others, deserve it not for themselves." - Abraham Lincoln

    by leftreborn on Sun Dec 02, 2012 at 07:01:12 PM PST

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    •  1974 (6+ / 0-)

      in adjusted dollars, the top of 26 brackets started at 910k.

      Prior to 1974 the top rate tops 1 million.

      Repealing the Reagan tax cuts is fine, its great, but we need to repeal the 1986 Tax Reform Act too.

      Remember in 1980 the top rate was 70%, and the effective rate was 23%. THe 86 TRA eliminated 60% of the deductions and shelters.

      FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Sun Dec 02, 2012 at 07:51:07 PM PST

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      •  It all needs to be rolled back straight to (7+ / 0-)

        Reagan's first inaugural when he said government isn't the solution to our problem government is the problem.  How could anyone proclaim that while they're getting sworn in to lead the government?  He didn't waste any tiime.   It was sold relentlessly and now nobody blinks when Ryan talks about "dubious government accounting" when he was in the government for the last 14 years.  It makes no sense to me until I see him as a child.  He hears it from his parents --- the people who pull the strings behind the scenes.

        "Those who deny freedom to others, deserve it not for themselves." - Abraham Lincoln

        by leftreborn on Sun Dec 02, 2012 at 08:31:35 PM PST

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    •  Or go beyond brackets - a continuous (1+ / 0-)
      Recommended by:

      marginal rate function that asymptotes around 70%. Retire the misunderstood bracket altogether and refer people to tax tables and tax calculators.

      Non enim propter gloriam, diuicias aut honores pugnamus set propter libertatem solummodo quam Nemo bonus nisi simul cum vita amittit. -Declaration of Arbroath

      by Robobagpiper on Mon Dec 03, 2012 at 05:46:26 AM PST

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