Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The current top marginal tax rate in the US is 37%. From 1944 through 1963, the highest marginal tax rate for individuals was 91-94% on

  1. The current top marginal tax rate in the US is 37%. From 1944 through 1963, the highest marginal tax rate for individuals was 91-94% on nominal incomes of $200,000 ($2.4 million in 2009 dollars). In 1982 it dropped to 50%, creating a greater increase in public debt than we had seen for the sum of all years since the Revolutionary War (1776). Would you support raising the top marginal tax rate to at least 50% (e.g., on incomes > $2.5M) if a portion of it were earmarked for repayment of public debt that will otherwise have to be paid by your middle-class taxes?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxes And Business Strategy A Planning Approach

Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon

5th Edition

132752670, 978-0132752671

More Books

Students also viewed these Economics questions