The Top Income Tax Bracket Used to Be 90% or More Fact
The top marginal income tax rate was over 90% under FDR and Eisenhower, but the effective rate in those times ranged from roughly 0% – 60%.
Taxes
A compulsory contribution to government for facilities or services, typically levied upon income, goods, services, and transactions.
The Long Term Capital Gains Tax is Lower Than the Short Term Capital Gains Tax Fact
The long term capital gains tax is lower than other federal income taxes, including the capital gains tax and the income tax.
The Poor and Middle Class are Subject to the Estate Tax Myth
It is a myth that the estate tax hurts poor and middle class Americans, only the richest Americans (0.2% of families) pay the estate tax.
Getting Rid of the Estate Tax Would Increase the Wealth Gap Fact
The estate tax (“death tax”) is one of the taxes preventing an unsustainable wealth gap; eliminating the estate tax would increase the wealth gap.
The Purpose of the Social Safety Net
The Social Safety net is a collection of welfare services meant to help people bounce up when they hit bottom, it is not meant as a net to trap the poor under.
Reagan Said, “Government is the Problem” Fact
Reagan didn’t just say “Government is the problem,” he said, “In this present crisis, government is not the solution to our problem; government is the problem.”
Increasing the Minimum Wage Stimulates the Economy Fact
Generally speaking, a modest increase to the minimum wage will increase household spending and thus stimulate the economy. However, this can be offset by job loss or hour reduction, inflation, and other factors.
The Estate Tax Is Fair Fact
The federal estate tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs is a fair tax that helps prevent a wealth gap over time.
About Half of Americans Own Stocks Fact
According to a 2016 Gallup poll about half of American adults own stocks and about half don’t. This is down since 2007 when around 65% of American adults owned stocks.
The Progressive Federal Income Tax System Explained
In America we have a Progressive Federal Income Tax system broken down into “tax brackets”. Tax Filers pay the “marginal tax rate” on each dollar of income in a given bracket (after most deductions, but before tax credits).