Reply #104: The last year we had a marginal rate over 90% was 1963

[davekriss]

Back in 1963, that applied to the first dollar earned above $400,000 (for joint filers). Expressed in 2011 dollars, a fat cat wouldn't hit the 90% rate until and only on earnings above $2,921,137 dollars. Today's marginal rate on that income is 35%.

The marginal rate on someone at today's median income, $50k, in 1963 was 22%. Today it's 15%.

So we (or our marginally representative politicians) gave a marginal break to the highest earners of over 50% while giving the gullible median only 7%. but it gets worse!

Back in 1983 Reagan's Greenspan Commission saved Social Security for the next 75 years, cough!, by raising regressive FICA taxes from 5.35% to 6.2%. combining that with the employer paid portion (which conceivably otherwise could be paid in wages) amounts to a 1.7% tax increase.

So while stealing a 55% tax break for the wealthy, our political class mollified us with a little over 5% break for the true middle, leaving us with a sizeable debt. Now what do they want us to do? Pay for it by cutting social security and Medicare!!!

CLASS THEFT, pure and simple. Hopefully we don't let them get away with it anymore.