By: Aaron B.
Any idea how much they paid into Social Security back then? I don’t pay that much in actual income tax today, but being self-employed, SS really hammers me. And you can’t deduct any of it away with...
View ArticleBy: Jonathan
I am curious – do the differences between the 1955 and 2010 tables also reflect other payroll deductions, such as FICA (SS and Medicare – 7.6% of paycheck up to $108,000, if my research is correct)?...
View ArticleBy: Donald R. McClarey
I always do my own taxes, as with two businesses they tend to get fairly convuluted, and I think I understand the Code as well as most accountants, although my math skills are appalling. (I have my...
View ArticleBy: DarwinCatholic
Okay, I graphed all the incomes I’d tried, and you always pay less in 2010, but the difference in progressiveness mostly goes away with a blip in the low 100k range: At 40k you pay 1.5x more in 1955 At...
View ArticleBy: RR
It really is surprising how big a deduction you need to make up for lower brackets. I graphed a 33% flat tax and found that for it to look more or less like our current system, we’d need a $30K...
View ArticleBy: DarwinCatholic
In reply to Doug Olson. Doug, The 1.2M figure was semi-arbitrary, but also because the standard tax rates are on salary-type income. As you point out, executives and hedge fund managers and such often...
View ArticleBy: Doug Olson
Your analysis is interesting, but why do you stop at a mere 1.2 million? All the action in the last half century has been in the stratospheric range. Today’s hedge fund managers would have paid much...
View ArticleBy: American Knight
There is no question that the able producers and earners (those who can invest and work and do) are paying much higher taxes now than in the 1950s. The ‘poor’ and by that I mean the able unproductive...
View ArticleBy: RL
There’s more to the story than that. In 1955 they didn’t have the Earned income tax credit. This is particularly helpful for lower income families and making the current tax brackets more progressive...
View ArticleBy: DarwinCatholic
You slipped a digit there, the 1955 social security taxes would have been $907.10, not $90.71, but the point is dead on. (Actually, it would be a little more than that, because in 1955 the self...
View ArticleBy: Aaron B.
And the non-self-employed still pay that 15.3%. Half of it doesn’t show up on their pay stub, but their employer has to pay it, so it comes out of their productivity one way or another. That does far...
View ArticleBy: DarwinCatholic
Ah, that's a really good point about social security. (And Medicare, which didn't even exist in 1955.) According to <a href="http://www.ssa.gov/oact/progdata/taxRates.html" rel="nofollow">this...
View ArticleBy: DarwinCatholic
Doug, The 1.2M figure was semi-arbitrary, but also because the standard tax rates are on salary-type income. As you point out, executives and hedge fund managers and such often make much of their...
View ArticleBy: Doug Olson
Your analysis is interesting, but why do you stop at a mere 1.2 million? All the action in the last half century has been in the stratospheric range. Today’s hedge fund managers would have paid much...
View ArticleBy: American Knight
There is no question that the able producers and earners (those who can invest and work and do) are paying much higher taxes now than in the 1950s. The ‘poor’ and by that I mean the able unproductive...
View ArticleBy: RL
There’s more to the story than that. In 1955 they didn’t have the Earned income tax credit. This is particularly helpful for lower income families and making the current tax brackets more progressive...
View ArticleBy: DarwinCatholic
You slipped a digit there, the 1955 social security taxes would have been $907.10, not $90.71, but the point is dead on. (Actually, it would be a little more than that, because in 1955 the self...
View ArticleBy: Aaron B.
And the non-self-employed still pay that 15.3%. Half of it doesn’t show up on their pay stub, but their employer has to pay it, so it comes out of their productivity one way or another. That does far...
View ArticleBy: DarwinCatholic
Ah, that's a really good point about social security. (And Medicare, which didn't even exist in 1955.) According to <a href="http://www.ssa.gov/oact/progdata/taxRates.html" rel="nofollow">this...
View ArticleBy: DarwinCatholic
Ah, that's a really good point about social security. (And Medicare, which didn't even exist in 1955.) According to <a href="http://www.ssa.gov/oact/progdata/taxRates.html" rel="nofollow">this...
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