About half of all Americans fundamentally misunderstand how U.S. “tax brackets” work. (Ironically, those in the traditionally “fiscally conservative” party are significantly more likely to fundamental misunderstand our tax system.) As a result, many, many, many Americans argue and vote against both public interest and their own interest, with the sole beneficiaries being the extremely rich (both human and corporate).
Now’s the time to get your head straight. The Twitter thread embedded below lays it out nicely, as does this article from the Washington Post (which takes just three minutes to read, and even explains why we use this somewhat counter-intuitive and often confusing tax bracket scheme).
This is your Civics homework for today. It’s pretty easy. I’m sure you’ll get a gold star!🌟
Post WWII, the tax rate peaked at 94% on annual income over $200,000 ($3mil in 2018 dollars). In the decades following, it dropped to a marginal tax rate of 70% of all income over 200k/annually (again, 2-3mil in today’s dollars, depending on year).
— Dianna E. Anderson 🏳️🌈 (@diannaeanderson) January 5, 2019