Franco and the other uninformed Progressives here believe we could solve all our problems if we only went back to the tax rate of fifty years ago. Those during the Kennedy years which he decreased from 91 percent to 70 percent. If that's what Progressives want, then, of course, we'd have to adjust for inflation and restore all the deductions which were allowed at that time. Only fair right?
I have done this before but from (1963). It will do for our purposes. Anyone (a single person) earning $4,000 per year or less paid income tax at the rate of 20%.
Adjusted for inflation, that would be $31,800.00 per year. That translates to everyone earning LESS THAN $31,800 PER YEAR WOULD PAY 20% INCOME TAX. Gosh, that sure would eliminate that 48% that pay no income tax today! Way to go!
As for the top rate of your beloved 91% in 1963, that was paid by those earning over $400,000.00
Adjusted for inflation, that would be $3,186,770.00 today. Do you want to tell us that 1% of the nation earns of 3.2 MILLION PER YEAR? Really?
In the same year, employees paid 3.625% for Social Security and the employer paid nothing. Not quite the 15.2% of today.
Now, do you really want to go back to those rates? Are you aware of the long, long list of deductions in 1963? All interest on everything and the list goes on.
Federal Income Tax Brackets for Tax Year 1962 (Filed April 1963)
FICA & SECA Tax Rates
The Inflation Calculator