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Instructions
During World War II, to pay for the war, the democrats and FDR rais
Instructions
During World War II, to pay for the war, the democrats and FDR raised all taxes. At the top income bracket during the war it was 90%. It remained at this rate through the Eisenhower Presidency. Ike endorsed keeping the rate that high to pay off the war debt, not wanting to burden the future generations with it. Now what that rate means is that every dollar past a certain income level was taxed at that rate. In other words if that rate kicked in at $1 million then up to the first million the money is taxed at lower rates. The first $10,000 might be 0%, over 40,000 15% over $500,000 50% and then the first dollar over $1 million the government gets 90 cents. Another example, and to keep it easy, let us assume there are no taxes until $500,000 then it is 50%, then every dollar over $1 million is taxed at 90%. if Dak Prescott is making $66 million this season, the first $500,000 is his to keep. The second $500,000 he keeps half, $250,000. On the final $65 million Dak will pay $58.5 million in taxes and keep $6.5 million ($7.25 million take home in total in that whole large contract out of $66 million) and probably becoming a hard core low taxes republican. The current top tax rate is currently 28% and considered too low by many economists. Our taxes are progressive meaning the more you make the greater percentage they take. Since, and I am assuming here, none of us is making $1million a year (and if you are let me talk to you about some a great ocean front investment property in Kansas with you), what should the tax rate be for every dollar earned past $1 million.Should some income above that amount be exempt, like for a those who created a COVID vaccine, or should some industries pay a higher rate (like entertainers that include athletes, but engineers less). Remember this will include several of you because I expect my students will be very successful, and for some that is financially. In your reasoning remember what the Federal government does pay for and do (roads, airports, national security, healthcare, etc.). In other words what would be a ‘fair’ tax rate for these income blessed folks. At least 250 words
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