Would you like to return to a 92% top rate on the Income Tax?

MSG Private RallyPoint Member — Thu, 15 Jan 2015 19:34:09 -0500

The highest marginal rate on income in US history was 92% (income over $200,000 which is $1.56 million in today's money) in 1953.

Some months ago I got into a conversation wherein someone advocated returning to the 1953 income tax rates. It took some time, first to find the necessary information, then to do the calculations, and then ensure that they were done right. Here's the analysis:

Response by Cpl Private RallyPoint Member made Jan 15 at 2015 7:54 PM

Cpl Private RallyPoint Member — Thu, 15 Jan 2015 19:54:19 -0500

If you've read the Communist Manifesto and understand it's planks...

Number 2. A heavy progressive or graduated income tax.

As a veteran who served during the fall of the USSR, I'd have to say, hell no.

Response by 1SG Private RallyPoint Member made Jan 15 at 2015 8:30 PM

1SG Private RallyPoint Member — Thu, 15 Jan 2015 20:30:26 -0500

FLAT TAX. With a set percentage that everyone must pay. Say, about 10%, what ever is revenue neutral.

No exemptions.
No deductions.
A tax code with about ten pages.
Nobody gets a free lunch.
Nobody gets to dodge paying by hiring an Army of lawyers.

Problem solved. Problem staying solved.