In 1960, the top marginal tax rate was 91%, applying to income over $200,000 for single filers — equivalent to roughly $1.5 million in today’s dollars. By 2017, the Tax Cuts and Jobs Act slashed the top rate to 37%,
These income brackets don’t apply to billionaires. Whole article is built on completely false assumption. Billionaires pay primarily capital gains tax, which never was that high
From 1954 to 1967, the maximum capital gains tax rate was 25%.[12] Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts.[11] In 1978, Congress eliminated the minimum tax on excluded gains and increased the exclusion to 60%, reducing the maximum rate to 28%.[11] The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20%.
https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
Whole article is garbage
The article goes into the effective tax rate though. Essentially that Billionaires are paying close to nothing via loopholes while holding an obscene amount of the overall nations wealth. It covers a few tax loopholes that make that possible and highlights a topic the is crucially important.
There are no tax loopholes.
There are carefully considered tax cutouts.
The article goes into the effective tax rate though.
I guess it makes for a more fun reply when one just ignores part of the article. Perhaps the OP reply guy gets their entertainment from rage baiting.
That’s separate issue. Loopholes suck, and aren’t fixed due to political corruption.
But by problem is that he tried to claim that billionaires paid 91%, in the 60s which is just provably false - I can’t take an article with such a blatant lie seriously. At best it means he has no idea how the tax system works, at worst it’s pure malice
In other words, the headline is deceptive. A big no-no in journalism.
The whole tax system needs to be destroyed and rebuilt/simplified. Fuck it the whole system needs redoing.
Where is apophis when you need it
