ChrisBFRPKY
Illuminator
- Joined
- Jun 14, 2012
- Messages
- 4,424
You're intentionally leaving out that during the 1950's effective tax rate was 42-45% with the effective tax rate of the top 1% actually paid at 30-35%. Nobody in the top 1% was paying 91% due to deductions and specific tax strategies used by the wealthy. The US did enjoy a booming economy post WW2. It doesn't take a genius to figure out why. The money that had been pumped into the economy to support the war effort allowed the US to boom temporarily. But as Reagan said, we cannot continue to live above our means by borrowing from our children's future because sooner or later the bill comes due. That bill came due in the mid 1970's.So the boom years when the US gained its greatest prosperity were during the high tax rates. And, starting in 1964, income tax rates declined, this decline continued until 1987, through the point at which you are complaining about.
So, in fact, the USA during its period of higher taxation was its boom years.
Or do you not consider the 1950s and 60s boom time?
The economic decline I referred to in the mid 1970's happened during the Carter years. The economy experienced increased interest rates, increased consumer costs and lower energy production. Of course Carter had a run of bad luck with OPEC and the loss of the oil leases which added to his headaches.
If one builds an economy based on growth, and rewards success rather than bleeding it, the result is success. Increased revenue will be the result. Of course we still need a balanced budget and the US needs to stop giving money away rather than paying its own debts.