Living on $100,000 After Taxes in the United States in 1960 #unitedstates #taxes #salary #history

[oof]

I remember my dad telling me with a quarter, he was able to watch a movie, buy popcorn and soda and still have change left to buy candy on the way home when he was a kid.

[EH-LOWK]

And our forefathers flipped their shit over a 3% tax on tea.

[otto_jk]

I'm quite certain that 70% was the top salary bracket instead of the real tax percentage

[byungyu]

At that time, median income was less than $6, 000.

[GenericUserYTube]

Adjusting for inflation 30 k 1960 is the same as 300k today

[Johndada]

Even if this was correct.... you'd still live a very comfortable life literally

[goodvibrations]

I couldn't believe this but I confirmed! However, For the country as a whole, the average (median) income of families in 1960 was $5, 600; but, for families headed by persons 65 years and over, the average was only $2, 900, according to estimates released today by the Bureau of the Census, Department of Commerce. Taxes on $5600 equalled $1232. Or 22%

[westoncharm]

Actually, money was much different back then. Median home prices were $11k. Cars were less than $3k. That definitely wouldn't fly now.

[thespiritofel]

100, 000$ in 1960 is the equivalent to 1, 000, 577.70$ today and 29, 000$ is the equivalent to 290, 167.53$ today.Cumulative rate of inflation 900.6%. Nixon messed up by leaving the gold standard.

[yohonomoe]

If you made a 100k anywhere you never actually make 100k

[ForcefulDragon]

That is not how tax brackets work. When you hit a new bracket they don't tax ALL your income at the new rate, only the income ABOVE the new threshold. The income in the lower brackets are taxed at the lower rate.

$1-4000 would have been taxed at 20%
$4001-8000 would be taxed at 22%
And so forth.

Please do not present misinformation as fact.

[IIIBig]

Thanks for posting this. I’ve seen comments on your other videos of tax rates today talking about going back to the good old days. These guys have no idea what that means

[bearman]

So basically a millionaire? The milk man was able to afford a house and three children with his salary.

[denisecooper]

They forgot to add the deductions that were available at that time.

[anti-depressionsounds]

We pay taxes today to fund our own demise in the USA. How fuckin stupid and scared can we be?

[beemelonhead]

Yea but everything was dirt cheap back then compared to now. I make approx that much after taxes and I struggle in a 1 bedroom apt living paycheck to paycheck. If everything was as cheap as it was back then I'd actually be able to save money.

[joethebigguy]

What does the federal government give us that is worth 70% of your income...or even 25%

[Justaguynamedsue]

Why you got a phallic symbol in the background?

[jarastar]

I love how on every other video, taxes end up equaling about 50% and the entire comment section is whining and calling it theft,
But in this comment section where 70% is getting taxed people are like “uhh but stuff was cheaper back then so it’s okay.”
Make it make sense.

[MarkoVuksanca]

How the hell did old people afford houses