Into the Night
Verified User
That is the problem, the tax rate has been dropped so much that you thinking 50% is a lot.
Between 1936 and 1981 the top marginal rate never dipped below 70 percent. In the decade after World War II, it even reached an all-time high of 90 percent on income earnings above $200,000 (or roughly $2 million in today’s dollars). Citing the prosperity of the mid-century United States, these progressive activists contend that our economy can absorb similar confiscatory rates today provided that they are only assessed on the wealthiest earners.
That decade after WWII when it reached 90%, it was under a republican president and the country did just fine. If this country did as you said and just held the high earners with a 50% tax rate and backed it up, we would not be 25 trillion in debt, we would probably be running in the black. You can thank the republican for the debt.
False equivalence fallacy. Compositional error fallacy. Presentism fallacy. The value of the dollar was quite different then, you know.