"You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)
"A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"
Cicero Marcus Tullius
Its 50% of earnings over 150000. That means everything under the 150000 will be taxed with lower tax rates.
So say you earn 200000. The first 150000 will be taxed with say 40% or 30% or whatever the rate is, and the 50000 past the 150000 will be taxed by 50%.
Even worse, the Republican congress under Eisenhower had a truly massive 91% marginal top tax rate and did not lower the tax rate while they maintained power for 2 years.
Even more interestingly, the lowest marginal tax bracket in recent US history, at 28% was under Democrats in 1988, partially which can be attributed to Reagan, but remember that the Executive branch writes no laws and tax code is legislated through Congress. And Reagan was a Uber-Liberal when it came to spending.
The lowest since the 20th century was a mere 7% which again was under Democrat Congressional control.
Facts, you know. Use 'em.
Top US Marginal Income Tax Rates, 1913--2003 (TruthAndPolitics.org)
[ame=http://en.wikipedia.org/wiki/History_of_the_United_States_Congress]History of the United States Congress - Wikipedia, the free encyclopedia[/ame]
"If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)