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Why are Taxes So Expensive In Vietnam?

How high were taxes during the Vietnam War?

  • Answer:

    Use google to get historical tax rates. Without checking, I vaguely remember the marginal tax rate was about 70%. That meant the taxpayers in the highest tax brackets paid tax of 70% of the amount that fell into those brackets. (Fica/Mc wasn't being charged at that point, but if they had a state income tax as well, many felt they shouldn't bother working after their income hit a certain level.) The 70% tax bracket started on taxable income of over $200,000 (MFJ). The Fica/MC was capped at $7,800 per employee so if even if both husband and wife worked, at the 70% tax rate, they weren't paying Fica/MC anymore.

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The top marginal rate was 70% back in those days. Social Security and Medicare WERE deducted but not separately stated on payslips then, they were lumped together under a single deduction for Social Security, OASDI, or FICA.

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