Why we need to return to higher marginal tax rates and close loopholes.

[JHB]

3. Also, restore the bracket ranges

In the 50s, there were 24 tax brackets, 16 of which (two thirds) kicked in at income above the equivalent of $250K in 2013 dollars. 11 of those kicked in at levels above the equivalent of $500K. The top rate with the 91% rate kicked in above the equivalent of about $3.5 million.

Thanks to inflation and tax cuts, brackets above the equivalent of $500K were eliminated and only one or two affected above $250K. That happened under Reagan, but no tax reform since then has even attempted restoring anything like the old bracket structure even with reduced rates.

It was all about slashing taxes for the economic stratosphere.