It wasn't until the wealthy's wind-up-doll Ronald Reagan in 1980-1988 that the Rich were gifted down from 70% to 28% and the Bottom RAISED from 11 to 15%.
Tax Reform Act of 1986 - Wikipedia, the free encyclopedia
The top tax rate was lowered from 50% to 28% while the bottom rate was raised from 11% to 15%. Many lower level tax brackets were consolidated, and the upper income level of the bottom rate (married filing jointly) was increased from $5,720/year to $29,750/year. This package ultimately consolidated tax brackets from fifteen levels of income to four levels of income. This would be the Only time in the history of the U.S. income tax (which dates back to the passage of the Revenue Act of 1862) that the top rate was reduced and the bottom rate increased concomitantly. In addition, capital gains faced the same tax rate as ordinary income.
The coup de grace::: Bush then lowering Cap Gains/Divs top 15% from Reagan's 28%.
We have a Big Deficit, Ever increasing wealth Polarity, and Collapsing Middle Class.
It's time to at least Partially Reverse the Class Warfare waged and won by Ronald Reagan and lower the deficit in the fairest way possible.\
We couldn't afford Reagan rates then and we definitely can't now.