#tefra — Public Fediverse posts

@guardian

#UShistory #Economics #Equality

(7/n)

...prosperity...."👈

Let's have a brief review of the #US' 20th century #IncomeTaxRate:

"👉From 1918 through 1981 (easy to remember ;)) the marginal rate in the #US varied between 70% and 94% percent.👈

[#MarginalTaxRate: the percentage of your income you must pay to the #Treasury on the last dollar you earn in progressive tax systems.]

And then, #Reagonomics and #TEFRA happened, the Tax Equity and #Fiscal Responsibility Act of 1982.

👉It...

@[email protected]

(2/4)

...(including their loop holes).

While not the whole picture, let's have a look at the top #IncomeTax rate throughout #US #history. To be more precise, the marginal tax rate, i.e. what you pay above a certain income for every additional dollar you earn.

👉From 1918 through 1981 (easy to remember ;)) the marginal rate in the #US varied between 70% and 94% percent.👈

And then, #Reagonomics and #TEFRA happened, the Tax Equity and #Fiscal Responsibility Act of 1982...