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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (860409)5/28/2015 12:27:02 PM
From: i-node2 Recommendations

Recommended By
Brumar89
gamesmistress

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Oh, a 90% tax rate would be Bernie's wet dream.

Fortunately, it is historically just nonsense. A fantasy.

Yes, it is true, the maximum rate on earned income was 91%. But no one paid it. Meaning NO ONE paid it. Unless they just wanted to contribute to government's spending, and that seems unlikely.

There was no reason at that time anyone would have had earned income at that level. Because much of the crap we pay tax on today was not taxable and the stuff that is forced into ordinary income today (like depreciation recapture) was not back then. Anyone earning that level of income would have been receiving capital gains, not ordinary income.

Tax rates were high, but the maximum average effective rate was around 50%.
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