BabyBoomer50s
Capitalist
- Joined
- Nov 27, 2018
- Posts
- 14,135
In the 1960s when the top marginal rate was > 70%, the top 1% accounted for 16% of total income tax receipts. Today the top marginal rate is 37% and the top 1% accounts for 40% of total income tax receipts.When the top tax rate was at least 70%, and often higher, financing the government was not a problem. Raising taxes on the rich and corporations is the Democrat's strongest issue. I wish they would exploit it.