People’s Lobby Draft Fair Tax Brackets Congressional Proposal of 2/15/10
IN THE HOUSE OF REPRESENTATIVES and senate
Proposed for 111th Congress
To request the Congress enact legislation that will return Fair Tax Brackets to our decimated economy that will help promote freedom, fairness, and economic opportunity by returning IRS tax brackets that existed when America’s middle class and economy grew and prospered.
revenues to rebuild and grow
Trends to relieve mega rich and burden an upper middle class with taxes
Whereas, in 1944 the top marginal tax rate on income over $200,000 was 94%.
Whereas, in 1954 the top marginal tax rate on income over $400,000 was 91%.
Whereas, in 1964 the top marginal tax rate on income over $400,000 was 77%.
Whereas, in 1974 the top marginal tax rate on income over 200,000 was 70%, on earned income only it was 50%.
Whereas, in 1984 the top marginal tax rate on incomes over $162,400 was 50%.
Whereas, this trend, along with the income cap on Social Security taxes and the non-indexing of the Alternative Minimum Tax, has increasingly moved the top federal bracket onto what some consider upper middle income Americans.
Whereas, under this skewed tax structure the super rich, those taking home incomes high above the $250,000 top bracket, have controlled increasing amounts of wealth, while the wealth of the middle class and those below has dramatically shrunk.<