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Forum Post: Fix the Deficit ... return to 1964 Tax Rates !

Posted 7 years ago on Nov. 5, 2011, 12:01 a.m. EST by Rico (3027)
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I keep hearing folks declare how quickly we would fix our deficit problem if we just made the wealth pay the rates they paid in 1964. I decided to go look at the 1964 tax tables and have to admit, we WOULD fix the deficit VERY quickly if we adopted the rates in effect at that time!

1964 Tax Rates ( Ref: http://www.irs.gov/pub/irs-prior/i1040--1964.pdf page 10)

Tax rate on top dollar, Married Filing Jointly

$ 1000 - $ 2000 = 16.5%

$ 2000 - $ 3000 = 17.5%

$ 3000 - $ 4000 = 18.0%

$ 4000 - $ 8000 = 20.0%

$ 8000 - $12000 = 23.5%

$12000 - $16000 = 27.0%

$16000 - $20000 = 30.5%

$20000 - $24000 = 34.0%

$24000 - $28000 = 37.5%

$28000 - $32000 = 41.0%

$32000 - $36000 = 44.5%

$36000 - $40000 = 47.5%

...

$400000 and up = 77.0%

Interesting. It appears the minimum "fair share" for a member of American society in 1964 was 16.5% . Today, we send people in the lowest brackets rebates larger than the taxes they paid ! In any case, I ASSURE folks that if we taxed the middle class at the 1964 rates, the deficit would disappear VERY quickly !

Perhaps folks should stop using the 1960's as an example of how things should be lest they get what they asked for.

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