Quote:
Originally Posted by Guest
Tax myth. No one actually paid 90%. After the "marginal tax rate" it was more like 40%. Just guesstimating, of course. Here's a table of tax rates to tax revenues. Notice, no big difference between then and now. And the tax rate was actually higher before Eisenhower, something like 94% and then went down to about 91% during Eisenhower.
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During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)
What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals making $200,000 or more per year or couples making $400,000 and above per year.
In 2015 dollars, that's roughly $1.7 million for an individual and $3.4 million for a couple.
Today the tax brackets are adjusted for inflation, but are exceptionally lower than in Eisenhower’s day. The top rate in 2015 is 39.6 percent, applied to single people making $413,200 or more per year, or married couples filing jointly making $464,850 or more annually. If we went back to 1954, single people making the equivalent of $413,200 would be in a 72 percent tax bracket, while a couple making $464,850 would end up in a 75 percent bracket.
http://www.politifact.com/truth-o-me...r-eisenhower-/