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Income tax rates in 1955 at the "height of humanity"
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Income tax rates in 1955 at the "height of humanity"


Apr 5, 2020, 12:20 PM

according to Tiggity®
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That was the start of it.


Apr 5, 2020, 12:21 PM

And the height of humanity has nothing to do with tax brackets.

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Yeah, I'm not sure of the correlation either***


Apr 5, 2020, 12:45 PM



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Re: Income tax rates in 1955 at the "height of humanity"


Apr 5, 2020, 12:27 PM

Do not care what those published rates were because NOBODY paid at those rates in fact. Why? Well the deductions were far greater and if one would care to look the EFFECTIVE rate is roughly the same today as it was in 1955.

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Do what...? Get back with reality.***


Apr 5, 2020, 12:40 PM



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Re: Do what...? Get back with reality.***


Apr 5, 2020, 1:02 PM

I like you but the effective rates are roughly the same in Reality. When folks toss these published rates out without checking i chuckle

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As I replied below....Hauser's law.


Apr 5, 2020, 12:44 PM [ in reply to Re: Income tax rates in 1955 at the "height of humanity" ]

We've only ever paid ~19% of our GDP in tax rates. Ever.

There were 24 effective tax rates in 1956. No one paid 90% tax on their income.

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I realize that but the higher percentiles DID pay more...


Apr 5, 2020, 12:48 PM

Your 19% may be a mean but there is a disparity between the highs and the lows percentile-wise...

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Here..I'm not even going to c/p


Apr 5, 2020, 12:52 PM

There is so much out there that debunks the 90% effective tax rates, its a pretty easy google search.

https://taxfoundation.org/taxes-on-the-rich-1950s-not-high/
Taxes on the Rich Were Not That Much Higher in the 1950s
Improving Lives Through Smart Tax Policy
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I already acknowledged that the 90% was bogus... However,


Apr 5, 2020, 1:00 PM

the loopholes and havens have been become much more widespread...

There are $Trillion$ of corporate earnings off-shored right now...

Do you think those execs that arranged it didn't do the same...?

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Re: I already acknowledged that the 90% was bogus... However,


Apr 5, 2020, 1:03 PM

These are personal rates

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Supposedly, that would apply to those execs...***


Apr 5, 2020, 1:13 PM



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Re: Here..I'm not even going to c/p


Apr 5, 2020, 9:32 PM [ in reply to Here..I'm not even going to c/p ]
Effective Tax Rate (%) - Wealthiest vs BottoM 50% - 1950 - 2018.jpg(58.4 K)
Effective Tax Rates 1945 - 2020.png(87.1 K)

Ineligible,

I don't understand how that graph jibes with these.

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26% is the correct eff rate for top 1%...however....


Apr 5, 2020, 10:54 PM

I think the most telling tax stat in terms of burden is this:

1960- top 1% earned 9% of all income and paid 13% of all fed income tax

2017 (latest data) - top 1% had 21.04% of income and paid 38.47% of all fed income tax

Source:
https://www.irs.gov/pub/irs-soi/17in01etr.xls

To me, the whole "the rich don't pay their fair share" narrative is utter BS.

I think income distribution is a valid topic, but it should be approached in terms of making sure the playing field is level and working to build up from the bottom and not tear down from the top. The gov shouldn't FORCE income to be redistributed, but rather encourage and support growth in income at the bottom.

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Re: 26% is the correct eff rate for top 1%...however....


Apr 6, 2020, 3:18 PM

Yeah, that's a great point and an important distinction. Income distribution is far more out of whack than tax rates. If I'm not mistaken, those numbers mean that, as a percentage of income, the top 1% pay twice the rate of the average income earner. I'd actually be in favor of increasing that percentage. The easiest way to do that would be to increase the standard deduction, which Trump recently did and I'm on board with that. I'd favor doubling it from there.

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Falsehood flies, and truth comes limping after it, so that when men come to be undeceived, it is too late; the jest is over, and the tale hath had its effect: like a man, who hath thought of a good repartee when the discourse is changed, or the company parted; or like a physician, who hath found out an infallible medicine, after the patient is dead.
- Jonathan Swift


It's a marginal rate, so of course.


Apr 5, 2020, 9:40 PM [ in reply to As I replied below....Hauser's law. ]

If the top marginal rate is 90%, then mathematically no one can pay 90% overall.

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Falsehood flies, and truth comes limping after it, so that when men come to be undeceived, it is too late; the jest is over, and the tale hath had its effect: like a man, who hath thought of a good repartee when the discourse is changed, or the company parted; or like a physician, who hath found out an infallible medicine, after the patient is dead.
- Jonathan Swift


I think that goes without saying.


Apr 6, 2020, 10:11 AM

In 1956, they're weren't that many people making that much for it to be sizable, at least as a percentage of taxes paid. That, and the loopholes that were available make it an almost un-utilized rate.

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People talk about the numbers but tend not to tell us where


Apr 6, 2020, 2:17 PM

to find them.

As to your first point: It goes without saying for you and me, but there are people here who don't understand the math.

2024 purple level memberbadge-donor-10yr.jpg flag link military_tech thumb_downthumb_up

Falsehood flies, and truth comes limping after it, so that when men come to be undeceived, it is too late; the jest is over, and the tale hath had its effect: like a man, who hath thought of a good repartee when the discourse is changed, or the company parted; or like a physician, who hath found out an infallible medicine, after the patient is dead.
- Jonathan Swift


overachiever ------>>>>


Apr 6, 2020, 2:56 PM

https://www.tigernet.com/forum/message/26-is-the-correct-eff-rate-for-top-1however-27091281
26% is the correct eff rate for top 1%...however....
26% is the correct eff rate for top 1%...however....
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Where do you look for that?***


Apr 5, 2020, 9:39 PM [ in reply to Re: Income tax rates in 1955 at the "height of humanity" ]



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Falsehood flies, and truth comes limping after it, so that when men come to be undeceived, it is too late; the jest is over, and the tale hath had its effect: like a man, who hath thought of a good repartee when the discourse is changed, or the company parted; or like a physician, who hath found out an infallible medicine, after the patient is dead.
- Jonathan Swift


Where do I look for what?***


Apr 6, 2020, 10:09 AM



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The numbers.


Apr 6, 2020, 2:26 PM

People refer in general to the deductions and "no one paid that much in the '50s," but I don't know where they get their info.

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Falsehood flies, and truth comes limping after it, so that when men come to be undeceived, it is too late; the jest is over, and the tale hath had its effect: like a man, who hath thought of a good repartee when the discourse is changed, or the company parted; or like a physician, who hath found out an infallible medicine, after the patient is dead.
- Jonathan Swift


Top 1% eff rate is down about 5 points since 1955...


Apr 6, 2020, 12:44 PM [ in reply to Re: Income tax rates in 1955 at the "height of humanity" ]

or roughly 16% change.

Not sure I would say it's roughly the same, but it sure isn't down like many would have you believe.

As posted to another post yesterday, the spread between % of income and % share of taxes is actually increased for the top 1%.

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Im not sure whats happening in this thread but maybe


Apr 6, 2020, 12:58 AM

https://en.wikipedia.org/wiki/Recession_of_1958?wprov=sfti1

That’s relevant. Idk.

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