- Mar 14, 2007
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Trump and the Republicans are always wanting to make America great again by returning to the America of the 50s, which I lived during.
From roughly 1951 to roughly 1963 the top federal tax rate was roughly 90%. We should return to that.
GDP growth (then) averaged around 5% for the period, which it hasn't done since about 1973. We should return to that.
In the 50s, 60s, and 70s the top tax rate was never below 70%. That too should be the case currently.
In 1965 through 1981 the top federal tax rate was around 70%. Currently GDP growth is around 2.3%.
Broadly speaking, highest tax rates correlate positively with greatest GDP growth. There has been a consistent lowering of tax rates (overall, with some variance) from 1951 to the present and a consistent lowering of GDP growth (overall, with some variance).
The Great Depression ended in 1932 when Congress RAISED taxes from 25% to 63%.
The highest tax rate correlates with our most expensive war (in real dollars): 94% over $200K in 1944 to pay for WWII. ($2.5M in current dollars).
The wealthiest of us on this board can, if we are honest, attest that we do not pay anywhere near the top tax rate (effectively, and as a group).
Example: Mitt Romney in 2011 paid 14.1 % tax rate on 13.69 Million dollars (1.9 Million). Every school teacher I know in Texas has a higher tax rate (there are a number of them in my family).
Real higher taxes on the wealthy, including in my family, are a GOOD thing for Americans. It is the poor and middle class that have lost in the tax and wealth redistribution since roughly 1988, compared to the 50s, 60s, and 70s.
From roughly 1951 to roughly 1963 the top federal tax rate was roughly 90%. We should return to that.
GDP growth (then) averaged around 5% for the period, which it hasn't done since about 1973. We should return to that.
In the 50s, 60s, and 70s the top tax rate was never below 70%. That too should be the case currently.
In 1965 through 1981 the top federal tax rate was around 70%. Currently GDP growth is around 2.3%.
Broadly speaking, highest tax rates correlate positively with greatest GDP growth. There has been a consistent lowering of tax rates (overall, with some variance) from 1951 to the present and a consistent lowering of GDP growth (overall, with some variance).
The Great Depression ended in 1932 when Congress RAISED taxes from 25% to 63%.
The highest tax rate correlates with our most expensive war (in real dollars): 94% over $200K in 1944 to pay for WWII. ($2.5M in current dollars).
The wealthiest of us on this board can, if we are honest, attest that we do not pay anywhere near the top tax rate (effectively, and as a group).
Example: Mitt Romney in 2011 paid 14.1 % tax rate on 13.69 Million dollars (1.9 Million). Every school teacher I know in Texas has a higher tax rate (there are a number of them in my family).
Real higher taxes on the wealthy, including in my family, are a GOOD thing for Americans. It is the poor and middle class that have lost in the tax and wealth redistribution since roughly 1988, compared to the 50s, 60s, and 70s.
