Only the baby boomers really know what it is like to have a higher tax rate for the rich. Generation X and Millennials has always lived in a world where Greed rules.
Starting in the 1980s, the conservative congress decided it was a good idea to reduce the tax rate. Which has lead to problems with infrastructure because there isn’t enough money to pay to fix the roads and bridges. All while the Rich are stockpiling their money and not paying a livable wage to their employees at companies such as Walmart and Amazon.
Now in 2017, More than $8 of every $10 of wealth created last year went to the richest 1%.
That’s according to a new report from Oxfam International, which estimates that the bottom 50% of the world’s population saw no increase in wealth. Read more at http://money.cnn.com/2018/01/21/news/economy/davos-oxfam-inequality-wealth/index.html
In 1932 during the Great Depression taxes rose from 25 percent to 63 percent on the top earners.
World War II
In 1944, the top rate peaked at 94 percent on taxable income over $200,000 ($2.5 million in today’s dollars).
The 1950s, 1960s, and 1970s
Over the next three decades, the top federal income tax rate remained high, never dipping below 70 percent.
The Economic Recovery Tax Act of 1981 changed from 70 to 50 percent.
The Tax Reform Act of 1986 dropped the top rate to 28 percent for tax years beginning in 1988. Then the % was raised back up to almost 40%
When will we stop believing the lies that giving the rich and companies a tax break will help the economy. It is not helping the average worker – it helps the 1%.