It used to be federal, from about 1946 to about 1965 when it went down to 70%. It remained up there until Ronald Reagan. Oh, wait, I’ll just link the data: https://pennycalc.com/tax-brackets/history/
Basically, I’ve watched my entire life as the Republicans have stolen from everybody to pay the few. And the Democrats didn’t help any.
I knew when I was 20 years old there wouldn’t be any Social Security by the time I retired. I’m close, the funds are empty and I will not get my full payout.
Tax cuts for the rich, subsidies for the rich, year after year it gets worse, eventually taxes become just stealing from the poor to give to the rich. Lewis XVI-style.
In the early 1960s, America’s richest faced a 91 percent tax rate on income in the topmost tax bracket, but was removed after successful rich lobbies.
While this is a great start by California, it’s time we reinstate that tax rate federally.
It’s not even a start yet. Guarantee the billionaires find some messaging to try to thwart this, never mind Newsom’s two-faced stance on the issue.
It’s a one time tax too, so that could be improved upon
It used to be federal, from about 1946 to about 1965 when it went down to 70%. It remained up there until Ronald Reagan. Oh, wait, I’ll just link the data: https://pennycalc.com/tax-brackets/history/
Basically, I’ve watched my entire life as the Republicans have stolen from everybody to pay the few. And the Democrats didn’t help any.
I knew when I was 20 years old there wouldn’t be any Social Security by the time I retired. I’m close, the funds are empty and I will not get my full payout.
Tax cuts for the rich, subsidies for the rich, year after year it gets worse, eventually taxes become just stealing from the poor to give to the rich. Lewis XVI-style.