Steeply Graduated Income Tax Rates Enlarged Middle Class
by New Economy Working Group on Nov 10, 2013 | Views: 135 | Score: 2
| Income tax rate in 1950s for income level (adjusted for inflation) | |
|---|---|
| $32,000 - $64,000 | 22 |
| $500,000 - $600,000 | 65 |
| $3.2 million + | 91 |
Sources:
neweconomyworkinggroup.org
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A half-century ago, America’s federal income tax rates rose steadily—and quite steeply—by income level, with 24 tax brackets in all. Those high tax rates in the middle of the 20th century made a huge difference. Within a single generation, the United States went from a nation two-thirds poor to a nation two-thirds middle class.