'In the early 1960s, America's richest faced a 91 percent tax rate on income in the top tax bracket.'
to"move on." The American people, by that time, had decided to move on as well—from bargain-basement tax rates on high incomes. In 1940, the federal tax rate on income over $200,000 started at 66 percent. By 1944, the top tax rate on all income over $200,000—about $3.4 million in today's dollars—had jumped to 94 percent.
This top tax rate then inched up to 31 percent in 1991 and has been bouncing around in the 30s ever since. The current top-bracket rate: 37 percent. "But taxes," he emphasizes,"have been a principal engine of worsening economic inequality simply because the wealthy, thanks to their success in Congress, now have more money—to buy stocks, invest in real estate, build megayachts, blast off into space, and make campaign contributions to politicians so the cycle isn't interrupted."
In 2019, Steele points out, this neat little gift saved taxpayers making $1 million or more some $16.2 billion,"the equivalent of the federal income taxes paid by everyone earning $50,000 or less in California, Idaho, Iowa, Kansas, Minnesota, Nebraska, New Hampshire, Oklahoma, Pennsylvania, South Dakota, West Virginia and Wisconsin—combined."
How unequal a nation have dynamics like these created? A just-released report from the Congressional Budget Office helpfully paints a revealing picture. This new CBOon the distribution of American income adds up all the changes"in household income, means-tested transfers, and federal taxes between 1979 and 2019."
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Opinion | The MAGA cult should face facts: America will never be theirs ‘again’Opinion by Jennifer Rubin: The MAGA cult should face facts: America will never be theirs “again”
Weiterlesen »
Ranveer Singh’s ‘Cirkus’: Watch First Trailer of 1960s-Set Slapstick ComedyProducers Rohit Shetty Productionz, T-Series Films and Reliance Entertainment have released the first trailer for keenly-anticipated comedy film “Cirkus.” Featuring Ranveer Singh and Va…
Weiterlesen »
Britney Spears Musical ‘Once Upon A One More Time’ Sets Broadway OpeningThe new Britney Spears jukebox musical Once Upon A One More Time has finalized its Broadway plans: The production will begin previews Saturday, May 13, 2023, at the Marquis Theatre, with an opening…
Weiterlesen »
Britney Spears-Inspired Musical ‘Once Upon a One More Time’ Sets Broadway Run for June 2023The James L. Nederlander and Hunter Arnold-produced show will open at the Marquis Theatre on June 23.
Weiterlesen »
Britney Spears Jukebox Musical 'Once Upon a One More Time' Coming to Broadway'Once Upon A One More Time,' the long-in-the-works jukebox musical featuring the music of Britney Spears, is set to open on Broadway in June 2023.
Weiterlesen »