Quote:
Originally Posted by azndude69
This was the top personal income tax rate, not the corporate.
200,000K back then was the equivalent of $1.6 Million today. back then a can of coke probably costs only 5 cents, and a meal at the restaurant would be 50 cents or so.
it's like saying, if you made $1.6 million a year, you only keep $9,000 on the next $100,000 you make.
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Bingo! There is the problem. The tax rate cutoffs have not changed to meet the continual change in the value of money.
There is no 1 million+ column on the tax return, and effectively, there was in 1950.
I think its re-freaking-donculous that someone that makes 2 million a year is lumped in the same group as $200,000.
And this is what causes the top to get richer.
Meaning, the protesters in New York have a point.