The US tax system is broken. Here are @JosephEStiglitz 10 proposals

[Trailrider1951]

7. Not if you factor in inflation. Example:

Value of $44,000 from 1959 to 2024

$44,000 in 1959 is equivalent in purchasing power to about $474,880.96 today, an increase of $430,880.96 over 65 years. The dollar had an average inflation rate of 3.73% per year between 1959 and today, producing a cumulative price increase of 979.27%.

This means that today's prices are 10.79 times as high as average prices since 1959, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 9.265% of what it could buy back then.

The inflation rate in 1959 was 0.69%. The current inflation rate compared to the end of last year is now 3.27%. If this number holds, $44,000 today will be equivalent in buying power to $45,438.37 next year. The current inflation rate page gives more detail on the latest inflation rates.

https://www.officialdata.org/us/inflation/1959?amount=44000