Why is there so much income inequality? Krugman's
chart may be an indication:
All these estimates show that taxes on the rich are the lowest they
have been in half a century. But what about before 1960? Well, we know
that the top marginal tax rate was even higher in the 40s and 50s than in the 60s; and it was very high by modern standards through much of the 30s too.
So
I think it’s safe to say that taxes on the rich are currently lower
than they have been for not 50 but 80 years. And if Mitt Romney gets his
way, we’ll bring those taxes down to levels not seen since Calvin
Coolidge.
There really need to be more tax brackets on people making $1, $5 and $10 million a year, or something like that. Why do people making $50 million a year pay the same rate on every dollar over $250,000 as people making $300,000? Why is Mitt Romney paying an effective 14% rate on all the money he gets paid each year? Why should we elect him to lower those taxes even further? He hasn't exactly been creating jobs recently.
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