Subject: Progressive tax on income Comment: I am in favor of taxation on income, with a marginal tax rate going up to 91% for very high income individuals. Note that from 1936 to 1981 the highest marginal tax bracket was above 69%. From 1950 to 1963 it was 91% or 92%. Now, we do not have a progressive tax system because the very wealthy and the upper middle class pay a similar tax rate. There is no evidence that a 92% tax on income over, say, $2,000,000 would discourage those people from "working" harder. Certainly, the marginal tax rate on income of $100,000 and $300,000 and $1,000,000 should be significantly different. |