Wait! Didn't socialism make America great 🇺🇸

[Furn]

After WW2 tax rates for the rich (annual earnings of $200k or more) were as high as 94%.

After that the maximum tax rate didn't drop below 70%
Until Reagan.

Until then a middle class family could own a home, have a yearly vacation, own a pet etc on a single wage.

Now the average wage in the US is 51k, which even with the bare minimums cannot make ends meet.

[Eddy Current]

Haha yeah! When the super rich were taxed the highest is when the middle class was the biggest and best off.

[Mighty_Windir]

Always looking for a handout at the expense of others

[Furn]

3

[GGG Gloveking]

Yeah, sure, socialism made America great and destroyed basically every other country to try it. I guess we were the exception

Fućking idiot...

[Furn]

Yeah, sure, socialism made America great and destroyed basically every other country to try it. I guess we were the exception

Fućking idiot...

Like which countries ?

Finland, Australia, Canada, Sweden?

[maracho]

After WW2 tax rates for the rich (annual earnings of $200k or more) were as high as 94%.

After that the maximum tax rate didn't drop below 70%
Until Reagan.

Until then a middle class family could own a home, have a yearly vacation, own a pet etc on a single wage.

Now the average wage in the US is 51k, which even with the bare minimums cannot make ends meet.

Forgive me for being dense but is that 90% of the rich's income and in what capacity different from today was that wealth then spread to the middle class? By check, free home, 40 acres and a mule?

[Furn]

Forgive me for being dense but is that 90% of the rich's income and in what capacity different from today was that wealth then spread to the middle class? By check, free home, 40 acres and a mule?

I don't know.

But it's apparent the middle class came from that Era

[GhostofDempsey]

The 90% tax rate is deceptive. When poverty-hustlers like Bernie Sanders hark back to the good old days of 90% tax rates, what he isn't telling you is that there is a marginal tax rate and an effective tax rate. That the their income was taxed at that rate over and above the $200K threshold.

Also, corporate rates have always been under 50%, so if wealthy individuals wanted to avoid a 90% tax rate, they simply filed as a corporation, since many of them were large business owners. There were also a lot more tax deductions and loopholes that the wealthy could use to avoid being taxed to death.

Say someone earning $100,000 a year buys a property worth $275,000. He rents out the property and breaks even on it. The tax code allows that person to write off $10,000 as a loss which he can count against his income for that year. So now he only has to pay taxes on $90,000. If he owned ten such properties, his income would be zero, at least according to the IRS.

That deduction is now gone for everyone but “active” real estate investors, or those who invest in real estate as a career. There were so many deductions and loopholes in the pre-1986 tax code that there was a massive amount of tax fraud at all income levels under the old code. Regardless, the simple fact is that the rich never paid 90 percent of their income in taxes or anything even remotely close to that.

[Furn]

The 90% tax rate is deceptive. When poverty-hustlers like Bernie Sanders hark back to the good old days of 90% tax rates, what he isn't telling you is that there is a marginal tax rate and an effective tax rate. That the their income was taxed at that rate over and above the $200K threshold.

Also, corporate rates have always been under 50%, so if wealthy individuals wanted to avoid a 90% tax rate, they simply filed as a corporation, since many of them were large business owners. There were also a lot more tax deductions and loopholes that the wealthy could use to avoid being taxed to death.

Say someone earning $100,000 a year buys a property worth $275,000. He rents out the property and breaks even on it. The tax code allows that person to write off $10,000 as a loss which he can count against his income for that year. So now he only has to pay taxes on $90,000. If he owned ten such properties, his income would be zero, at least according to the IRS.

That deduction is now gone for everyone but “active” real estate investors, or those who invest in real estate as a career. There were so many deductions and loopholes in the pre-1986 tax code that there was a massive amount of tax fraud at all income levels under the old code. Regardless, the simple fact is that the rich never paid 90 percent of their income in taxes or anything even remotely close to that.

LOL ****ing what?