General Discussion
In reply to the discussion: Wait they're really going to eliminate all deductions besides charity and mortgage? [View all]JHB
(38,107 posts)...and since that's difficult to quantify, there is a kind of a sliding scale upward. So that the heaviest taxation is on the luxuries of life, rather than on the necessities.
Right now we have, what?, 7 brackets topping out around $400K/year? For most of the post-WW2 period, particularly up until the 80s (you know, the time people think of when they "want their country back"
there were 24 brackets, that (adjusting for inflation) topped out at 3.5 million dollars per year).
Progressive taxation on very high incomes was eliminated under Reagan and has not been restored. Not under Clinton, and not under Obama. We had more progressive taxation in the Roaring 20s than we do now.
Ideology-driven Movement Conservatives want to erase the very concept of progressive taxation from public discourse, and so they they support every single measure that "simplifies" the tax code by reducing the number of brackets.