bohicagain

70% marginal tax rate. The marginal tax rate was up to the 90's% for income above 200k (About 2.8 million in today's $$)

Back then debt was around 25% of GDP.
Since Regan cuts jumped to 40% and increased from there. Marginal tax rate of 70% is well below the max rate during the post WWII boom.

Free market where corporations are buying back stock instead of paying more?

Our current PWA is from 2016. Tax cut in 2018. You really think Delta will negotiate a contract with a higher gains then in 2016?

VictorAW

Not even close. Maybe closer to the 10%, but nowhere near the top 1%

Iceberg

Probably depends on the source of your information, but from what I found, 200k puts you around 97%. It’s a steep gradient at that level of the income curve.

Gunfighter

I think you misunderstood Gloopy. He is saying the US is the top 1% and "we're about to publicly invite anyone on the planet who wants benefits to come and get them"

$32,400 puts you in the top 1% worldwide. If you are on welfare in the US, you are a worldwide 1% er...
https://www.investopedia.com/article...cent-world.asp

ERflyer

A bit dramatic. But then that’s the way it is these days.

GucciBoy

CNBC says the household income threshold to be in the 1% is $421,926. They also list each threshold by state.

http://www.cnbc.com/amp/2018/07/27/h...-us-state.html

If you look at the mean income of the 1%, it’s clear how far from the top the typical Delta pilot is. The mean income of the 1% nationwide is $1.32 million according to the article, so even a perpetually green-slipping 350A is still in the bottom half of the 1% unless they are married to a surgeon...or another 350 captain. Or possibly a plumber.



Sent from my iPhone using Tapatalk

C130driver

Trickle down is an invented term by democrats during the Reagan years as a scarecrow counter to tax cuts. One has to be pretty economically illiterate to not see the benefits in tax cuts. If someone likes high taxes and low national debt with the government doing everything for them, move to Europe, see how that’s working out for them.

gloopy

So you're advocating for 70%? You realize very few people actually paid that on any significant portion of their income? Let alone the joke of a 90% rate. And the WWII Boom wasn't because of that but because we were the last man standing and the only manufacturing powerhouse left on earth with the only in demand reserve currency on earth. That's something that's not likely to repeat, and certainlly wasn't because all the Bourgeoisie were having 90% of their income confscated LOL! that was being avoided almost completely. What idiot would work for 90% gone off the top then state after that then sales after whats left? Pipe dream.

And how exactly do you force companies to not buyback stock (which I'm also a critic of)? Order them to liquidate that money to the workers? LOL yeah right good luck with that, it might work once, then they'll make sure that money goes elsewhere next time.

Reagan's debt only increased because Tip and Ted promised spending cuts that never transpired and Reagan fell for it. Same "deal" as their mass amnesty 1.0 that flipped CA blue for the next 1000 years in exchange for border security that never transpired and now we're on the verge of mass amnesty 2.0 that will flip the country Maduro socialist for 1000 years (or worse).

Neither side has the appetite for govt/spending cuts, which BTW were the real reason for the post WWII recovery. Bush doubled the debt in 8 years and Obama doubled it again in 8 years. No one will cut anything unless its offset by even more spending elsewhere and even then its hard. Tax and spend ourselves into prosperity by confiscating the vast majority of everything from everyone is not going to work out very well for your airline pilot ambitions.

As for C19 what do you mean "higher gains"? Are you referring to the same percentage raise as last time? Any gains? Any gains over inflation? I don't know what the end product will be at this point and no one else really does, but what does that have to do with income tax brackets either way?

gloopy

Its right on. 250ish is around top 5% and 500K is top 1%. While I realize most major airline US pilots don't make 500K, most are close or above the 250K especially if they want to be (bid soonest upgrade, WS/GS/LCA bid/etc). Regardless, how much of a defense against the proletariat wealth confiscators do you think will cover you when you say "but but but I'm only top 6%? LOL! Oh and as we rip open our borders to the entire impoverished world as a right for economic migrants, just for fun look up top 1% in the world. Its around 35K/year last time I checked. Your income level will garner zero sympathy from the Neo-Marxist agenda.

gloopy

Not dramatic at all. That's where the pendulum is ATM and its swinging even further to the left by the minute. The UN migration pack, which fortunately we pulled out of for now (but next admin will get us back into immediately guartanteed) said its a human right for unlimited economic based migration to anywhere anyone wants to go. I'm sure they'll leave our fat incomes, 401's, Roth's and 529's alone though.