“In the last 30 years, there has been a massive redistribution of wealth”, Sanders said.
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CBS correspondent Nancy Cordes responded to Sanders saying, “I know that people hope so”.
Let’s get specific. How high would you go inspect? And while capital gains rates have gone higher than that, they peaked at 39.875 percent, from 1976 to 1978.
We turned to the Tax Foundation’s federal income tax rates history, which documents figures going all the way back to 1913, when the income tax began with the ratification of the 16th Amendment.
Of course, Dwight D. Eisenhower wasn’t a socialist – he was a Republican.
Taking into account these income tax rates, Sanders’ assertion that he’s not as “socialist” as Eisenhower’s administration is correct: Sanders has said before that he doesn’t believe his tax policy would tax the top bracket over 90 percent, though he has yet to offer up an exact number.
Sanders made the quip while discussing his plan to increase taxes for the extraordinarily wealthy after he was asked what rate he would set.
“I have as much reason as anyone else to deplore high taxes”, Eisenhower said in 1953. He’d also add a 6.2 percent tax on capital gains above 0,000 to help pay for a Social Security expansion.
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“As president, Sen. Sanders will stop corporations from shifting their profits and jobs overseas to avoid paying USA income taxes”, Sanders’ platform continues.
