Tuesday, May 26, 2015

Top Marginal Tax Rate in 1952 Was 92% Beginning at $300,000: That's $2,658,249 in 2015 Dollars.

In 1952, the top marginal rate for a single individual was 92% beginning at $300,000: so the top rate in 2015 inflated adjusted dollars would be $2,658,249 . Remember, Bernie Sanders and other socialists want 90% at only $400,000. What Bernie and gang forget to tell about the 1950's tax code is : many wealthy people hid their money in municipal bonds to avoid a 90% tax because there was no alternative minimum tax applied to muni bond holdings. No word yet on when Comrade Sanders will ask Harvard to start paying their "fair share" since their marginal tax rate has been zero since 1636.

Fed U.S. Federal Individual Income Tax Rates History, 1862-2013