Your GOP will never cease to provide wealthy garnering tax breaks to the nation;s wealthy. Sad tax relief for the nation's Top !% means trickle-down economics hell for the rest of the nation.
Connect The Dots USA offers a picture of that the GOP wishes you would simply not view.
October 3, 2015
Most folks are surprised to learn that before Reagan starting slashing tax rates in 1982, income in the top bracket was taxed at 70% and before that, 91%! What does this mean? In 1956 under Eisenhower, for example, any amount over $400,000, which equals $3.5 million in today’s dollars, was taxed at a 91% rate for a married couple. So if you had the equivalent of $4.5 million in taxable income, you paid $910,000 in taxes on that last million and anywhere from 50% to 90% on the amounts over $276,000 in today’s dollars.
With the tax act of January 2013, any taxable income over $457,601 married is now taxed at only 39.6% (up from a decade of 35%). And if you get your money from capital gains dividends, you pay at most a 20% income tax rate. As we see, the overwhelming majority of tax cuts have been skewed to the super-rich. Our measly tax cuts are just so we’ll carry the water and make the argument for the billionaire bonus cuts.