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View Full Version : Economics Historical Tax Rates. Will a 3% tax incdrease for the wealthy destroy the economy?


BigRedChief
09-26-2009, 11:46 AM
<TABLE id=news border=0 cellSpacing=0 cellPadding=10 name="news"><TBODY><TR><TD>
History of Federal Individual Income Bottom and Top Bracket Rates

Historical Income Tax Rates & Brackets
<TABLE border=1 cellSpacing=0 cellPadding=0 align=center><TBODY><TR><TD vAlign=top rowSpan=2 width=152></TD><TD vAlign=top colSpan=4>Tax Rates 1 (http://www.ntu.org/main/page_printable.php?PageID=19#_edn1)


</TD></TR><TR><TD vAlign=top colSpan=2>Bottom bracket

</TD><TD vAlign=top colSpan=2>Top bracket

</TD></TR><TR><TD vAlign=top width=152>Calendar Year

</TD><TD vAlign=top width=89>Rate
(percent)

</TD><TD vAlign=top width=67>Taxable Income Up to

</TD><TD vAlign=top width=79>Rate
(percent)

</TD><TD vAlign=top width=77>Taxable
Income over

</TD></TR><TR><TD vAlign=top width=152>1913-15

</TD><TD vAlign=top width=89>1

</TD><TD vAlign=top width=67>20,000

</TD><TD vAlign=top width=79>7

</TD><TD vAlign=top width=77>500,000

</TD></TR><TR><TD vAlign=top width=152>1916

</TD><TD vAlign=top width=89>2

</TD><TD vAlign=top width=67>20,000

</TD><TD vAlign=top width=79>15

</TD><TD vAlign=top width=77>2,000,000

</TD></TR><TR><TD vAlign=top width=152>1917

</TD><TD vAlign=top width=89>2

</TD><TD vAlign=top width=67>2,000

</TD><TD vAlign=top width=79>67

</TD><TD vAlign=top width=77>2,000,000

</TD></TR><TR><TD vAlign=top width=152>1918

</TD><TD vAlign=top width=89>6

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>77

</TD><TD vAlign=top width=77>1,000,000

</TD></TR><TR><TD vAlign=top width=152>1919-20

</TD><TD vAlign=top width=89>4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>73

</TD><TD vAlign=top width=77>1,000,000

</TD></TR><TR><TD vAlign=top width=152>1921

</TD><TD vAlign=top width=89>4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>73

</TD><TD vAlign=top width=77>1,000,000

</TD></TR><TR><TD vAlign=top width=152>1922

</TD><TD vAlign=top width=89>4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>56

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1923

</TD><TD vAlign=top width=89>3

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>56

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1924

</TD><TD vAlign=top width=89><SUP>2 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn2)1.5

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>46

</TD><TD vAlign=top width=77>500,000

</TD></TR><TR><TD vAlign=top width=152>1925-28

</TD><TD vAlign=top width=89><SUP>2</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn2) 1?

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>25

</TD><TD vAlign=top width=77>100,000

</TD></TR><TR><TD vAlign=top width=152>1929

</TD><TD vAlign=top width=89><SUP>2</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn2) 4?

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>24

</TD><TD vAlign=top width=77>100,000

</TD></TR><TR><TD vAlign=top width=152>1930-31

</TD><TD vAlign=top width=89><SUP>2 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn2)1?

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>25

</TD><TD vAlign=top width=77>100,000

</TD></TR><TR><TD vAlign=top width=152>1932-33

</TD><TD vAlign=top width=89>4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>63

</TD><TD vAlign=top width=77>1,000,000

</TD></TR><TR><TD vAlign=top width=152>1934-35

</TD><TD vAlign=top width=89><SUP>3</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn3) 4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>63

</TD><TD vAlign=top width=77>1,000,000

</TD></TR><TR><TD vAlign=top width=152>1936-39

</TD><TD vAlign=top width=89><SUP>3</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn3) 4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>79

</TD><TD vAlign=top width=77>5,000,000

</TD></TR><TR><TD vAlign=top width=152>1940

</TD><TD vAlign=top width=89><SUP>3 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn3)4.4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79>81.1

</TD><TD vAlign=top width=77>5,000,000

</TD></TR><TR><TD vAlign=top width=152>1941

</TD><TD vAlign=top width=89><SUP>3 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn3)10

</TD><TD vAlign=top width=67>2,000

</TD><TD vAlign=top width=79>81

</TD><TD vAlign=top width=77>5,000,000

</TD></TR><TR><TD vAlign=top width=152>1942-43<SUP>4</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn4)

</TD><TD vAlign=top width=89><SUP>3</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn3) 19

</TD><TD vAlign=top width=67>2,000

</TD><TD vAlign=top width=79>88

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1944-45

</TD><TD vAlign=top width=89>23

</TD><TD vAlign=top width=67>2,000

</TD><TD vAlign=top width=79><SUP>5 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5)94

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1946-47

</TD><TD vAlign=top width=89>19

</TD><TD vAlign=top width=67>2,000

</TD><TD vAlign=top width=79><SUP>5</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5) 86.45

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1948-49

</TD><TD vAlign=top width=89>16.6

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79><SUP>5</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5) 82.13

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1950

</TD><TD vAlign=top width=89>17.4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79><SUP>5</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5) 91

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1951

</TD><TD vAlign=top width=89>20.4

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79><SUP>5 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5)91

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1952-53

</TD><TD vAlign=top width=89>22.2

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79><SUP>5</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5) 92

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1954-63

</TD><TD vAlign=top width=89>20

</TD><TD vAlign=top width=67>4,000

</TD><TD vAlign=top width=79><SUP>5</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn5) 91

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1964

</TD><TD vAlign=top width=89>16

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79>77

</TD><TD vAlign=top width=77>400,000

</TD></TR><TR><TD vAlign=top width=152>1965-67

</TD><TD vAlign=top width=89>14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79>70

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1968

</TD><TD vAlign=top width=89>14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79><SUP>6</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn6) 75.25

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1969

</TD><TD vAlign=top width=89>14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79><SUP>6</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn6) 77

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1970

</TD><TD vAlign=top width=89>14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79><SUP>6</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn6) 71.75

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1971

</TD><TD vAlign=top width=89>14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79><SUP>7 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn7)70

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1972-78

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8)14

</TD><TD vAlign=top width=67>1,000

</TD><TD vAlign=top width=79><SUP>7</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn7) 70

</TD><TD vAlign=top width=77>200,000

</TD></TR><TR><TD vAlign=top width=152>1979-80

</TD><TD vAlign=top width=89>814

</TD><TD vAlign=top width=67>2,100

</TD><TD vAlign=top width=79><SUP>7</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn7) 70

</TD><TD vAlign=top width=77>212,000

</TD></TR><TR><TD vAlign=top width=152>1981

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) <SUP>9</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn9) 13.825

</TD><TD vAlign=top width=67>2,100

</TD><TD vAlign=top width=79><SUP>7</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn7) <SUP>9 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn9)69.125

</TD><TD vAlign=top width=77>212,000

</TD></TR><TR><TD vAlign=top width=152>1982

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 12

</TD><TD vAlign=top width=67>2,100

</TD><TD vAlign=top width=79>50

</TD><TD vAlign=top width=77>106,000

</TD></TR><TR><TD vAlign=top width=152>1983

</TD><TD vAlign=top width=89><SUP>8 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8)11

</TD><TD vAlign=top width=67>2,100

</TD><TD vAlign=top width=79>50

</TD><TD vAlign=top width=77>106,000

</TD></TR><TR><TD vAlign=top width=152>1984

</TD><TD vAlign=top width=89><SUP>8 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8)11

</TD><TD vAlign=top width=67>2,100

</TD><TD vAlign=top width=79>50

</TD><TD vAlign=top width=77>159,000

</TD></TR><TR><TD vAlign=top width=152>1985

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 11

</TD><TD vAlign=top width=67>2,180

</TD><TD vAlign=top width=79>50

</TD><TD vAlign=top width=77>165,480

</TD></TR><TR><TD vAlign=top width=152>1986

</TD><TD vAlign=top width=89><SUP>8 </SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8)11

</TD><TD vAlign=top width=67>2,270

</TD><TD vAlign=top width=79>50

</TD><TD vAlign=top width=77>171,580

</TD></TR><TR><TD vAlign=top width=152>1987

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 11

</TD><TD vAlign=top width=67>3,000

</TD><TD vAlign=top width=79>38.5

</TD><TD vAlign=top width=77>90,000

</TD></TR><TR><TD vAlign=top width=152>1988

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>29,750

</TD><TD vAlign=top width=79><SUP>10</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn10)28

</TD><TD vAlign=top width=77>29,750

</TD></TR><TR><TD vAlign=top width=152>1989

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>30,950

</TD><TD vAlign=top width=79><SUP>10</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn10)28

</TD><TD vAlign=top width=77>30,950

</TD></TR><TR><TD vAlign=top width=152>1990

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>32,450

</TD><TD vAlign=top width=79><SUP>10</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn10)28

</TD><TD vAlign=top width=77>32,450

</TD></TR><TR><TD vAlign=top width=152>1991

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>34,000

</TD><TD vAlign=top width=79>31

</TD><TD vAlign=top width=77>82,150

</TD></TR><TR><TD height=21 vAlign=top width=152>1992

</TD><TD height=21 vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD height=21 vAlign=top width=67>35,800

</TD><TD height=21 vAlign=top width=79>31

</TD><TD height=21 vAlign=top width=77>86,500

</TD></TR><TR><TD vAlign=top width=152>1993

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>36,900

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>250,000

</TD></TR><TR><TD vAlign=top width=152>1994

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>38,000

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>250,000

</TD></TR><TR><TD vAlign=top width=152>1995

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>39,000

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>256,500

</TD></TR><TR><TD vAlign=top width=152>1996

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>40,100

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>263,750

</TD></TR><TR><TD vAlign=top width=152>1997

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>41,200

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>271,050

</TD></TR><TR><TD vAlign=top width=152>1998

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>42,350

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>278,450

</TD></TR><TR><TD vAlign=top width=152>1999

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>43,050

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>283,150

</TD></TR><TR><TD vAlign=top width=152>2000

</TD><TD vAlign=top width=89><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15

</TD><TD vAlign=top width=67>43,850

</TD><TD vAlign=top width=79>39.6

</TD><TD vAlign=top width=77>288,350

</TD></TR><TR><TD vAlign=top>2001</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 15</TD><TD vAlign=top>45,200</TD><TD vAlign=top>39.1</TD><TD vAlign=top>297,350</TD></TR><TR><TD vAlign=top>2002</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>12,000</TD><TD vAlign=top>38.6</TD><TD vAlign=top>307,050</TD></TR><TR><TD vAlign=top>2003<SUP>11</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn11)</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>14,000</TD><TD vAlign=top>35.0</TD><TD vAlign=top>311,950</TD></TR><TR><TD vAlign=top>2004</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>14,300</TD><TD vAlign=top>35.0</TD><TD vAlign=top>319,100</TD></TR><TR><TD vAlign=top>2005</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>14,600</TD><TD vAlign=top>35.0</TD><TD vAlign=top>326,450</TD></TR><TR><TD vAlign=top>2006</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>15,100</TD><TD vAlign=top>35.0</TD><TD vAlign=top>336,550</TD></TR><TR><TD vAlign=top>2007</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>15,650</TD><TD vAlign=top>35.0</TD><TD vAlign=top>349,700</TD></TR><TR><TD vAlign=top>2008</TD><TD vAlign=top><SUP>8</SUP> (http://www.ntu.org/main/page_printable.php?PageID=19#_edn8) 10</TD><TD vAlign=top>16,050</TD><TD vAlign=top>35.0</TD><TD vAlign=top>357,700</TD></TR></TBODY></TABLE>
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BigRedChief
09-26-2009, 11:46 AM
1 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref1) Taxable income excludes zero bracket amount from 1977 through 1986. Rates shown apply only to married persons filing joint returns beginning in 1948. Does not include either the add on minimum tax on preference items (1970-1982) or the alternative minimum tax (1979-present). Also, does not include the effects of the various tax benefit phase-outs (e.g. the personal exemption phase-out). From 1922 through 1986 and from 1991 forward, lower rates applied to long-term capital gains.

2 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref2) After earned-income deduction equal to 25 percent of earned income.

3 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref3) After earned-income deduction equal to 10 percent of earned income.

4 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref4) Exclusive of Victory Tax.

5 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref5) Subject to the following maximum effective rate limitations.
[year and maximum rate (in percent)] 1944-45 –90; 1946-47 –85.5; 1948-49 –77.0; 1950 –87.0; 1951 –87.2; 1952-53 –88.0; 1954-63 –87.0.

6 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref6) Includes surcharge of 7.5 percent in 1968, 10 percent in 1969, and 2.6 percent in 1970.

7 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref7) Earned income was subject to maximum marginal rates of 60 percent in 1971 and 50 percent from 1972 through 1981.

8 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref8) Beginning in 1975, a refundable earned-income credit is allowed for low-income individuals.

9 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref9) After tax credit is 1.25 percent against regular tax.

10 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref10) The benefit of the first rate bracket is eliminated by an increased rate above certain thresholds. The phase-out range of the benefit of the first rate bracket was as follows: Taxable income between $71,900 and $149,250 in 1988; taxable income between $74,850 and $155,320 in 1989; and taxable income between $78,400 and $162,770 in 1990. The phase-out of the benefit the first rate bracket was repealed for taxable years beginning after December 31, 1990. This added 5 percentage points to the marginal rate for those by the phaseout, producing a 33 percent effective rate.

11 (http://www.ntu.org/main/page_printable.php?PageID=19#_ednref11) Rates for 2003 are after enactment of the Jobs and Growth Tax Relief Reconciliation Act. Prior to enactment the rates were 10% up to $12,000 and 38.6% on amounts over $311,950.

Sources: Joint Committee on Taxation, "Overview of Present Law and Economic Analysis Relating to Marginal Tax Rates and the President’s Individual Income Tax Rate Proposals" (JCX-6-01), March 6, 2001, and Congressional Research Service, "Statutory Individual Income Tax Rates and Other Elements of the Tax System: 1988 through 2008," (RL34498) May 21, 2008.

RJ
09-26-2009, 12:59 PM
Well, that answer depends on who is the President at the time.

patteeu
09-26-2009, 01:55 PM
Destroy it? No. Damage it? Yes.

If the point of your post is to suggest that we've had higher top rates before and we survived it, that's true. But there are significant factors that your analysis doesn't capture like the fact that there were a lot more loopholes available to high marginal rate tax payers during some of those periods than there are today. In 1986, Republicans and democrats compromised on a major tax reform that included dramatic decreases in the top rate (sought by Reagan) and dramatic reductions in targeted tax breaks, i.e. loopholes, as well as a generous exemption designed to dramatically expand the group of low income people who don't pay income taxes at all (sought by democrats). A comparison of pre-1986 top rates with today's top rates is an apples and oranges comparison.

Saul Good
09-26-2009, 04:19 PM
This country survived slavery. Let's bring it back. Hooray!

banyon
09-26-2009, 04:21 PM
This country survived slavery. Let's bring it back. Hooray!

Slavery? Really?

Why not just bring up Hitler and Stalin too so you can go for the BucEyedPea Red Herring Trifecta?

You think a government can function without any source of revenue?

The rates would be where they were at under Clinton, and everyone did just fine when they were like that. It wasn't financial armageddon.

BigRedChief
09-26-2009, 08:18 PM
Destroy it? No. Damage it? Yes.

If the point of your post is to suggest that we've had higher top rates before and we survived it, that's true.yes, that was my point.

BigRedChief
09-26-2009, 08:22 PM
This country survived slavery. Let's bring it back. Hooray!We are talking about taxing the rich and wealthy at the same rates that exsisted under Clinton and that will still be 11% less than they were under Reagan. But forget that scale....lets jump to slavery refrences.:shake:

***SPRAYER
09-26-2009, 08:25 PM
That settles it, then. Every one should give 85% of their income to the federal nanny.

patteeu
09-26-2009, 08:27 PM
yes, that was my point.

As I pointed out in the part of my post that you left out of your quote, your premise is flawed.

mlyonsd
09-26-2009, 08:36 PM
Maybe if our brilliant leader could figure out how to build good paying long term jobs for the middle 60% of our working class we wouldn't need to be talking about class warfare again.

I guess for some it makes sense to steal from somebody than address the real problem.

***SPRAYER
09-26-2009, 08:39 PM
You think a government can function without any source of revenue?


The internet is awesome, it took me five seconds to find this (no wonder B.O.'s "Diversity" Czar Frank Lloyd wants to censor it):

http://www.rd.com/your-america-inspiring-people-and-stories/the-government-is-wasting-your-tax-dollars/article50629.html

***SPRAYER
09-26-2009, 08:41 PM
This country survived slavery. Let's bring it back. Hooray!

And prohibition!

mlyonsd
09-26-2009, 09:06 PM
BRC, since you took the rich for $4500 in the cash for clunker program don't you should quit bitching about asking for more?

BigRedChief
09-26-2009, 09:10 PM
BRC, since you took the rich for $4500 in the cash for clunker program don't you should quit bitching about asking for more?Don't be hating the playa, hate the game.

Saul Good
09-27-2009, 09:18 AM
Slavery? Really?

Why not just bring up Hitler and Stalin too so you can go for the BucEyedPea Red Herring Trifecta?

That was kind of the point. If the best argument you put forth is that it's been done before, then the response you get is "slavery and Hitler".

BigRedChief
09-27-2009, 10:28 AM
That was kind of the point. If the best argument you put forth is that it's been done before, then the response you get is "slavery and Hitler".:BS:

banyon
09-27-2009, 02:32 PM
That was kind of the point. If the best argument you put forth is that it's been done before, then the response you get is "slavery and Hitler".

I think the point is quite the converse. People claim that raising taxes on the wealthy would mean economic ruin, but there's zero evidence that it would happen that way.

It's not an argument that it worked 1 time out of 50 or something. It's that there's no ammo for the contrary position with the historical data.

patteeu
09-27-2009, 07:00 PM
I think the point is quite the converse. People claim that raising taxes on the wealthy would mean economic ruin, but there's zero evidence that it would happen that way.

It's not an argument that it worked 1 time out of 50 or something. It's that there's no ammo for the contrary position with the historical data.

The only people talking about economic ruin (and destroying the economy) are those who advocate raising rates and want to misleadingly frame the issue. The real questions are whether the economy will be benefit or be damaged by a tax increase on the wealthy and whether government revenues will grow or shrink. I think an evidence-based case could be made to support the argument that both the economy and government revenue will suffer although I'm not going to make the effort to make it when the OP data doesn't make the contrary case to begin with.

Rain Man
09-27-2009, 07:21 PM
That settles it, then. Every one should give 85% of their income to the federal nanny.


That seems to make sense. It would solve all of the government's money problems for a few years until they spent it all.

BigRedChief
09-27-2009, 08:30 PM
That was kind of the point. If the best argument you put forth is that it's been done before, then the response you get is "slavery and Hitler".http://d.yimg.com/a/p/uc/20090927/largeimagedb090927.gif