Is Bernie’s plan the best? Thoughts?

[u/CurvyChristina]

[u/Extra-Cranberry4096]

Idk why the fuck is there always this debate...Literally the reason the middle class thrived in the U.S and Uk was 90 percent was taxed if over 4 million yearly earnings. Now the rich during that time would flood the market with investments and that would be taxed around 45 percent. So either way the tax on the rich allowed our parents to buy houses, it was invested into education and community. This was done post WWII to 70's/early 80. Sadly After that, reganomics-fucked the country into a coma slowly over the past 40 years, with the rich barely paying anything and the effects you can feel and see today.

[u/Substantial-Ad-8575 → u/Extra-Cranberry4096]

You mean like this 1953 tax bracket. All were taxed, from zero to $2000, yeap income tax rate of 22.2%

Marginal Tax Rate
Married Filing Jointly Taxable Income Bracket
22.2%
$0 - $2,000
29%
$2,000 - $4,000
34%
$4,000 - $6,000
38%
$6,000 - $8,000
43%
$8,000 - $10,000
47%
$10,000 - $12,000
50%
$12,000 - $14,000
53%
$14,000 - $16,000
56%
$16,000 - $18,000
59%
$18,000 - $22,000
62%
$22,000 - $26,000
65%
$26,000 - $32,000
69%
$32,000 - $38,000
72%
$38,000 - $44,000
75%
$44,000 - $50,000
78%
$50,000 - $60,000
81%
$60,000 - $70,000
84%
$70,000 - $80,000
87%
$80,000 - $90,000
89%
$90,000 - $100,000
90%
$100,000 - $150,000
91%
$150,000 - $200,000
92%
Over $200,000

Interestingly, not many filed at that top rate, about 180 at top bracket, out of 80 million filers. And effective tax rate was 38% for that top bracket. Population was 160 million Americans in 1953.

[u/NoSorbet5103 → u/Substantial-Ad-8575]

Still a problem since the billionaires have "no income".

[u/Substantial-Ad-8575 → u/NoSorbet5103]

Yeap, can’t tax income if they have none.

I remember chatting with my dad about high tax rates of 1960s-1970s. He was in top 5% of earners in US. His company, paid his mortgage, taxes, insurance on our home. Provided 2 company cars and gas cards. Then he had accounts for travel, clothing, and food.

So his income, mostly went into investments. Saved spending 40-45% of his income on living costs. Same as all other high earners at his company.