All Commentary
Monday, April 11, 2011

Taxing the Rich


“. . . the Fairness in Taxation Act introduced by Representative Jan Schakowsky, Democrat of Illinois, which would increase the top federal marginal income tax rate to 45 percent for married couples earning more than one million dollars a year and to 49 percent for billionaires, from the current rate of 35 percent.

Historically unprecedented? Hardly. The top marginal tax rate was 50 percent in the mid-1980s and even higher in the 1950s (as the chart shows).” (New York Times)

The politics of envy have plenty of precedent.

FEE Timely Classic

The Progressive Income Tax in U.S. History” by Burton W. Folsom, Jr.