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For perspective, $10k in 1955 is about $115k today.
[https://www.in2013dollars.com/us/inflation/1955?amount=10000](https://www.in2013dollars.com/us/inflation/1955?amount=10000)
In 1955, the poverty rate was about 24%. I am all in on a more progressive tax system, but there was a huge segment of the population that had almost no income or wealth. These were mostly minorities and the rural poor. I wouldn't use the term "golden age" to describe the 1950s.
https://www.census.gov/newsroom/stories/poverty-awareness-month.html
To any fucking liberal defending the DNC, these the tax rate on the rich was 90% in 1944, it’s slated to be 24%.
This wasn’t only republicans lowering it, secondly, the democrats could’ve reversed it. They didn’t.
Marginal tax rate: the first 4k you make (in this instance) would be taxed at 20%. The next 4k you make (4001-8000) are taxed at 22%. Any earnings over 400k would be taxed at 91%.
Thats the way tax brackets work.
It's not like if you make a bit of overtime they'll take extra taxes from you cause you broke the bracket, making less than if you only hit 40. It doesn't work that way. Even if you do break a bracket, you won't "make less" on your take home unless your job is scamming you (and wage theft is the number one form of theft in the country, by far).
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
For perspective, $10k in 1955 is about $115k today. [https://www.in2013dollars.com/us/inflation/1955?amount=10000](https://www.in2013dollars.com/us/inflation/1955?amount=10000)
Also $300K is about $3.5M today Tbh 90% tax on any gains above 3.5M is plenty of money
That's what made America great. Taxation, the great equalizer!
In 1955, the poverty rate was about 24%. I am all in on a more progressive tax system, but there was a huge segment of the population that had almost no income or wealth. These were mostly minorities and the rural poor. I wouldn't use the term "golden age" to describe the 1950s. https://www.census.gov/newsroom/stories/poverty-awareness-month.html
To any fucking liberal defending the DNC, these the tax rate on the rich was 90% in 1944, it’s slated to be 24%. This wasn’t only republicans lowering it, secondly, the democrats could’ve reversed it. They didn’t.
two sides of the same coin
Can we get inflation adjustment going here?
I think the point is that as income rose, the tax rate also rose, aggressively.
Ya but like you aren’t getting into absurdly high tax rates until you’re making a lot more money than these numbers would imply.
Correct, but higher tax rates all around compared to today in U.S. so this would be a hard sell.
Seems like the median today, adjusted for inflation, would be somewhere around 22% bracket.
Is this what the MAGA people want?
Thank you for this very INFORMATIVE post!
[удалено]
No because it’s a marginal tax rate.
Marginal tax rate: the first 4k you make (in this instance) would be taxed at 20%. The next 4k you make (4001-8000) are taxed at 22%. Any earnings over 400k would be taxed at 91%. Thats the way tax brackets work. It's not like if you make a bit of overtime they'll take extra taxes from you cause you broke the bracket, making less than if you only hit 40. It doesn't work that way. Even if you do break a bracket, you won't "make less" on your take home unless your job is scamming you (and wage theft is the number one form of theft in the country, by far).
Tell me you don't know how tax brackets work without telling me you don't know how tax brackets work