Theres lots of folks in this thread that dont know what our progressive tax system actually means...I wasnt counting you as one of them.70% is hysterically too high. lol its ridiculous, really.
Its still always good for a laugh to see the amount of kooky message boarders that don't know how tax brackets work, and think that the 70% rate starts at dollar zero and is the rate for the entire wage.
I wont go fish for today's brackets/rates, but it goes like this ya goofs....
Bracket 1 = dollars zero through 10k(guessing), and is taxed @10%
Bracket 2 = dollars 10, 001 through 20k, and is taxed at 12%
etc. etc....
all the way up the brackets.
Making the top rate 70% doesnt mean that all of their dollars earned are taxed at 70%, it means dollars (x-million and one) through the rest of the income....is taxed at 70%, and all the way down the brackets, each segment of their income is taxed at that bracket's (lower) tax rate.
How many more idiots can step forward and declare that theyre idiots, itll be fun to see!
That's not what anyone is saying. Were looking at the benefits of the top federal tax rate being at between 70% and 94% between 1945 and 1980. It did not hurt the economy, and the United States was able to pay for defense and domestic programs while reducing its level of debt relative to GDP. Slashing these tax rates on the rich since 1980 has led to increased debt, budget problems, and a huge difficult struggle to provide money for defense and other spending priorities the country has. Reduced taxes on the wealthy has not led to increased or better economic growth either. All it has done has led to the country struggling with more debt and funding problems.