We Need To Get The Top Tax Rate Back To 94 Percent

On Feb. 1, the U.S. Treasury Department reported that the U.S. gross national debt surpassed $30 trillion for the first time, a figure that’s incomprehensible at the best of times, let alone when many Americans are still dealing with the economic impact of the coronavirus pandemic.

During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)

Today the tax brackets are adjusted for inflation, but are exceptionally lower than in Eisenhower’s day. The top rate in 2015 is 39.6 percent, applied to single people making $413,200 or more per year, or married couples filing jointly making $464,850 or more annually. If we went back to 1954, single people making the equivalent of $413,200 would be in a 72 percent tax bracket, while a couple making $464,850 would end up in a 75 percent bracket.
What’s the highest income tax bracket ever put in place? In 1944-45, during World War II, couples making more than $200,000 faced an all-time high of 94 percent.

Let's start with confiscating all of Joe Biden's mansions and giving 94% of the $500,000 painting from his son back to the people.

Until then, nobody will pay their fair share.

I'm actually for this.

OMG, are we both Communists?

Yes, but why stop at 94% for just income? Make it a wealth tax too.

people don't need 94% of all those fancy things.

I'm actually an anarchist, but communism is the fastest way to destroy a nation, so the enemy of my enemy is my friend.

Either way, after literally 2 collections, what you started with, will be less than 1% of what it was.

It's much larger than they're reporting.

Rates which were gerrymandered under the pretext of alleviating the residual effects of the Great Depression, and of course the expenses of entering World War II, after that false flag.

2015 is not today.

It will never "work." Those who would fall under the top income bracket are much more mobile than they were in the 50's. California tried something similar in the 2010's to no avail. This only places the tax burden on those who aren't mobile, i.e. middle class, working class, poor, etc. And in a counterintuitive and counterproductive response, "left-wing" politicians will suggest even more relief to the aforementioned brackets, increasing the very budget they sought to lower.

When do you think that the USA will default on it's Debt?

They won't; or at the very least, they'll make a show of it. The next phase has long since  begun. While the masses are concerned with "gun rights" and "abortion rights," this administration has already made its move to transition to digital assets and a digital ledgers systems, which does not require an index like gold or precious metals, indicating finite distribution. I've said it before, and I'll say it again: always follow the money.