Fema Employment
What was the top federal income tax marginal rate in 1965? for U.S. income of $ 1 million a year?
I am told it was more than twice that of today's 35%? is that true? how could that be? our country was so great and powerful back then. We were hitting on all cylinders, had balanced budgets, low cumulative national debt, had jobs galore and even made things to ship out to the rest of the world. I thought low taxes is what got us to that point and high taxes got us to .....like how we are right now in the USA.
Public Comments
- The top marginal tax rate was 70% and it applied to taxable income over $200,000, which then was worth at least a few million in todays dollars. But, back then there were a lot more deductions so the affluent were able to keep most of their effective income away from taxes. In 1986 the tax rates were flattened -- with a much broader base. The wealthy pay a higher percentage of total tax now than before. It wasn't taxes that got us in the current mess. It was our escalating lifestyle of consumption and credit and ever increasing expectation that big government would take care of us.
- In 1965, the top marginal income tax rate was 70%. The budget was balanced. I'm glad to see you're paying attention - it's amazing how many people simply assume that taxes keep going up for the rich while, in the long term nothing could be further from the truth.
