90% TAX ON INCOME OVER MILLION DOLLARS ~ By Gary Bahr
Taxes for the rich have been declining for decades.
When I was young Roosevelt and Eisenhower had a 90% tax rate on earning exceeding $1 million. In 1980 the top rate was 70%. Now it is 39.6% and with a weird tax code loaded with exemptions and tax loopholes, few pay that rate. The top tax bracket now is $418,400.
Personally I favor the 90% on income over $1 million to encourage investment in equipment, factories, and pay and benefits for workers.
Democrats favor raising tax rates on the rich and Republicans like to lower the rates on the rich. I guess it depends on who gives you donations to your campaigns.
We all agree the tax code is too massive and too complicated.
My Fair Tax Plan is simply to eliminate all tax exemption devices, exceptions to tax and loopholes. Poverty level income could be exempt of tax for every taxpayer. Of course farm and business expenses would remain deductible business expenses.
Why should anyone be exempt of a tax? Under my Fair Tax Plan the income tax rate could be cut in half after State or Federal deficits are eliminated.
See FAIR TAXES 4 US