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





The interactive transcript could not be loaded.



Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
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.

My Channel: http://www.youtube.com/user/Eduardo89rp

Fair Use Disclaimer:

This video may contain copyrighted material. This material is made available for educational, research, and news reporting purposes only. This constitutes a 'fair use' of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law which allows citizens to reproduce, distribute or exhibit portions of copyright motion pictures, video tapes, or video disks under certain circumstances without authorization of the copyright holder.


When autoplay is enabled, a suggested video will automatically play next.

Up next

to add this to Watch Later

Add to

Loading playlists...