In 1960, the top marginal tax rate was 91%, applying to income over $200,000 for single filers — equivalent to roughly $1.5 million in today’s dollars.
Buddy, you clearly aren’t paying attention. The proposal raised capital gains taxes. Capital gains is where the wealthy make most of their money.
The proposal also introduced a type of wealth tax. It would take 1-2% of the stocks, bonds, and other financial instruments (“registered securities” - the things regulated by the SEC) held by the ultra-wealthy. Securities are the specific investment vehicle the ultra-wealthy use to amass their tremendous fortunes. The poor, middle class, and moderately wealthy would be able to exempt up to $10 million of their investment portfolio.
You specifically asked that the poor be exempted; I pointed out that under this proposal, they would be exempt: the securities tax only applies to people with greater than $10 million in stocks and bonds. Capital gains would be taxed the same way as income; the poor are already exempt from income tax.
Lol. Clearly you aren’t in the US, where income tax doesn’t mean shit to the wealthy.
Buddy, you clearly aren’t paying attention. The proposal raised capital gains taxes. Capital gains is where the wealthy make most of their money.
The proposal also introduced a type of wealth tax. It would take 1-2% of the stocks, bonds, and other financial instruments (“registered securities” - the things regulated by the SEC) held by the ultra-wealthy. Securities are the specific investment vehicle the ultra-wealthy use to amass their tremendous fortunes. The poor, middle class, and moderately wealthy would be able to exempt up to $10 million of their investment portfolio.
You specifically asked that the poor be exempted; I pointed out that under this proposal, they would be exempt: the securities tax only applies to people with greater than $10 million in stocks and bonds. Capital gains would be taxed the same way as income; the poor are already exempt from income tax.