LeftCoastVoter
Member
- Nov 29, 2012
- 579
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a large majority of that 47% fall under that standard deduction for the most part. are you advocating we eliminate the standard deduction?yet $40k in 1954 is equal to $343k today. and the 56% tax bracket is not for all income, it is a graduate system. this it the current graduated tax rate system:And what you forget to mention, as anyone who pines for the good old days of a 90% bracket does, is that everyone was paying significantly higher taxes then not just the so called rich.
in 1954 when the top bracket was 91% the lowest was 20% and someone earning 40K was in the 56% bracket.
So be careful what you wish for, you just might get it.
10% on taxable income from $0 to $8,700, plus
15% on taxable income over $8,700 to $35,350, plus
25% on taxable income over $35,350 to $85,650, plus
28% on taxable income over $85,650 to $178,650, plus
33% on taxable income over $178,650 to $388,350, plus
so if the top rate was 56% today, it would only apply to income over $178,650. they would still pay the lower rates on all income below that according to the tax tables.
the problem here is that there are too many bullshit tax deductions that allow people to have no taxable income.. 47% of people to be exact.