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Peter Schiff: The 91% Tax Fantasy - Yahoo's The Daily Ticker

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Published on Dec 10, 2012

In an op ed published in Friday's Wall Street Journal, Peter Schiff challenges the increasingly popular pro-tax rate hike argument:

"The confiscatory top marginal rates of the 1950s were essentially symbolic—very few actually paid them. In reality the vast majority of top earners faced lower effective rates than they do today," he writes.

Schiff joined The Daily Ticker to further explain his argument. According to Schiff, the supposed 91% tax rate would only kick in if someone was making over $3 million in 1950 dollars (that would be more like $30 million today). In the 1950s there was no distinction between different types of income, he adds, so "a doctor who earned $50,000 through his medical practice could reduce his taxable income to zero with $50,000 in paper losses or depreciation from property he owned through a real-estate investment partnership."

Schiff also argues that middle and lower income households paid more tax in the 1950s than they do today.

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