Can we all get a copy of the historical income tax rates on the top earners from 1913 to date?
I went here: http://www.taxpolicycenter.org/...
I've checked a couple other sources and believe this to be accurate.
I've lost my link to the great one adjusted for inflation, maybe someone has that link.
Can we discuss the current tax situation and the possible solutions to it in light of our history with the income tax rates over a longer period than since 2000?
My limited thoughts below.
I was born in 1951. My Dad had some opportunities for school and home ownership through the GI Bill.
I went to a great public school from kindergarten through 12th grade. I was very well prepared for college. I went to a private school for one year, then returned to the State Land Grant school in my home town. I got a good undergraduate degree. I went to a private law school, but would have been well served at the State School as well.
I have driven on the interstate highway system my entire adult life, benefited from the hydroelectric projects and all of the investments in infrastructure funded by the federal government.
For some reason our country considered what was necessary and reasonable to meet the country's needs in around 1933 and increased the revenue through taxation from 25% to 63% on the top earners. I wasn't alive then, but I have very clear memories from stories from my parents and grandparents about how things were for the ordinary folks then.
In 1938 we raised the top rate to 79%
In 1940 to 81%.
In 1944 to 94%.
It remained in the 80s and 90s until 1964.
It was reduced to 77% and remained at or above 70% through 1981.
Under 40% from 1986 to date.
Was our country in better shape to meet our internal and external needs from 1940 through 1980, or has it been in better shape from 1980 to date?
I believe that looking at the expiration of the Bush tax cuts is short sighted and unproductive.
I believe that we should be looking at rolling back the Reagan tax cuts and perhaps the Kennedy tax cuts.
At a minimum I believe our bottom line should be a 75% tax rate on all TAXABLE INCOME over 3 million dollars. We all pay a reasonable rate, 35-40% on incomes up to 3 million.