Tax Rate Inequities
I was looking at the 2015 Tax Rates for Married couples today, and it jumped out at me the damage done by Reagan by "simplifying" the tax code and reducing the number of brackets.
Look at these basic brackets for married couples.
Taxable income for those making $18,540 or below is 10%
Taxable income for those making $18,541 to $74,900 is $1,845 plus 15% over $18,450
Taxable income for those making $74,901 to $151,200 is $10,312 plus 25% over $74,900
Taxable income for those making $151,201 to $230,450 is $29,387 plus 28% over $151,200
Taxable income for those making $230,451 to $411,500 is $51,577 plus 33% over $230,450
Taxable income for those making $411,501 to $464,800 is $111,324 plus 35% over $411,500
Taxable income for those making $464,851 to infinity is $129,996.50 plus 39.6% over $464,850
Essentially, this means that billionaires are taxed at the same tax rate as some of those making slightly less than 500K. If this scale increased with more brackets added even as below.
500K-1M - 45%
1M-5M - 50%
5M-10M -55%
10M-20M-60%
20M-30M - 65%
30M-50M - 70%
50-100M -75%
100M-500M-80%
500M-1B- 85%
1B+ -90%
Simply adding ten additional brackets, and the amount of revenue collected would go a long way toward beginning to pay for education, medicare for all, infrastructure, debt relief, and even a little left over for doubling down on those foreign wars the hawks seem anxious about.
Why is a progressive based tax system appealing to those who make under 500K, but it has to be a flat based system for those over 500K?
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