Sorry about the problems. Most of the stuff I scheduled for the weekend didn’t publish! And I’m on vacation at an undisclosed location, so Boohunney and I are doing as best we can.
The tax system is designed to be progressive: The more money you make, the higher tax rate you’re supposed to pay.
People making $50K pay less than those making $200K, who pay less than those making $5M.
But then, the climb stops.https://t.co/Tmd1wsIn9c
— ProPublica (@propublica) August 3, 2021
All is good. I feared you were playing Dorothy over the rainbow in Oz.
The income tax system became law on July 9, 1909 when the 16th Amendment was passed.
Although the tax law was written by the rich and for the rich it was, in 1909, fairly Progressive.
It became more Progressive under both FDR and JFK. The top rate under JFK was 91%.
Since then the top rate has been eroded down to 35% by the rich.
As a consequence we run a large deficit each and every year.
The time has come to make the US income tax system more fair and Progressive by taxing the rich and the corporations at an appropriate rate.