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Additional Details
Yes I paid my 14.95 up ... |
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arunforce | Explain 92% Income Tax?!? |
I was looking at Income Tax in the USA, and in the 1950s during the Korean War, it reached a peak at 92%.
Now that just shook me up. That's ridiculous. Say that your making 1,000,000 dollars, you would be left with under 100,000 dollars! You'd most likely be better off writing it off to charity and getting into a lower bracket.
Is there any catch to this, or is it as I say? This really made me question America and our "free market" capitalism.
Additional Details
And, no the Korean War doesn't explain it. We weren't fighting our freedom, we were fighting for the Korean's freedom.
I'm well aware there is progressive income tax.
I have no intention to be paying out of my *** unless there is a clear explanation. Income tax accounts for about ~19.5% of GDP always. It's the biggest source, but it doesn't make it right.
If I get into the top tier and it goes over 40%, I'm either quitting or moving to another country.
That's socialism at it's finest.
Unless, like I said, there are some hitches and it isn't straight forward. |
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Anna
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During the 1950's there was a graduated tax rate with included about 20 different levels. Today the rates have only 3 levels.
What you don't understand is that your tax rate - in 1950's or 2008 is NOT the HIGHEST rate when compared to your income. Before you determine taxable income, you first deduct your personal exemption and your standard deduction or itemized deductions. Then first level of income is taxed at a lower level; today the first 6,000 (single) is 10%; the next $21,950 is taxed at 15%; so a single person, after deducting the personal exemption and standard deduction would pay $3892.50 tax on $27,950 in taxable income:
First $6,000 X 10% = $ 600.00
Next $21,950 X 15% = $ 3,295.50
Total 3,895.50 -- not $4,192.50 ($27950X15%)
With the multiple levels of tax, there is built in many levels of reduced tax -- in other words, the more levels of taxes you have the less tax you pay on your income. The current three levels is counter productive; and a flat tax would be VERY counter productive.
You should also know that the average FAMILY in the 1950's made less than $5,000/year. The only persons making a $1 million were the VERY, VERY, wealthy.
You should also remember that the US was paying off WWII debts and trying to help Europe recover from the war. It was a time of patriotism and paying this high tax was a way of paying the Country back for having a free place to earn this high income.
You surely must realize that the "free market" existed if people were making over a $1 million when whole families were making less than $5,000 a year. You simply cannot equate the income of the 1950's with the income of today when you evaluate this situation.
Also remember that Elvis Presley was the highest paid entertainer during that time and paid the 92% tax -- he never complained because he knew he could only make this kind of money in America.
Move to England or Sweden, you deserve to pay 90% in tax. Move to any European country and you'll pay more than in the US and have a lot less freedom. Move to Africa and try to have a decent standard of living; move to South America and carry a gun every where you go to protect yourself from revolutionists.
Be wise, don't make snap judgements. |
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Iamadam
 |
Probably 92% for the highest income bracket. Only income over a certain amount is (was) charged at 92% however. |
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Kevin
 |
we get the **** taxed out of us |
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Judy1
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You are misunderstanding how brackets work. 92% doesn't mean it's 90% on ALL of your income, just on the amount that's over a certain (very high) amount. But in any case, 92% is outrageously high. |
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Just Wondering
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Thank good that it is no longer the fifties! I'm sure there were lots of deductions to lower the tax base.
Be more concerned with income taxes today and maximum rates. |
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Frank k
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Federal income tax is un-Constitutional. Income Tax is a Socialist/Communist concept for redistribution of wealth. Free market Capitalism is anti-Income tax. |
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innaviog32
 |
it explains it in
www.youtube.com |
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silly penguin
 |
That explains why everyone became hippies. |
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Vince
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That was the top bracket only.
The first bracket was 22.2%
The 92% was for people making about 200k+, which is about $1 Million in modern times, also keep in mind that it would only apply to the last tax bracket and not your entire income tax.
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States#History_of_progressivity_in_federal_income_tax |
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Aase
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Well its like this, lets say you make 400k, married, 2 kids, etc
you can expect to not be charged income tax on the first lets say 80k plus any other non taxable adjustmets you may have. You only pay 92% on the remainder. |
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Sir Fink
 |
It was a time of war. Americans were asked to make sacrifices for the sake of their country and the brave men fighting and dying in Korea. It was similar in WW2.
These days, there is no need to sacrifice anything, despite the fact that we are at war. We have spent $500 billion in Iraq and have paid for it by borrowing money. We'll pay it back someday, I suppose. Don't worry about it, kid. Just buy everything you want and don't worry about the future of your nation's economy. Ten trillion in debt? So what, right? |
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Josh
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thats interesting, i've never heard of such a thing. i don't think there is a catch, just the good old government taking you cash |
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Earl s
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So move to another country, we won't miss you
call the IRS for an explanation |
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DJnCSprings
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lol I love your example but what if you were makin 10K??? and they took 9200??? besides that why would you work if that was the case it would be painfully obvious that the government was trying to create a socialist state. I would move to the mountains of Colorado and..........
Who is John Galt??? |
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look a FOB. slutty fobs.
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Well if thats true that would mean everything along with it would become cheap. Its common sense, because otherwise no one would be able to afford common items. |
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firebird703xx
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At that time the brackets were 22.2% for the lower and 92% for the higher. It makes sense because the rich people can afford to give more, but most people fell somewhere in the middle so it was probably around 40%.
Income tax is necessary, without it we would have problems operating efficiently. If income tax didn't exist then all other taxes would be raised. America is straying away from a "free market" economy now because of all of the problems. It has worked in the past though, that's what defeated the Soviets in the Cold War. American "free market" vs. the Soviet socialism economy. |
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Christopher D
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this explains it all
http://www.youtube.com/watch?v=gtBl-Vvz0nc |
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