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Originally Posted by New Era
Please review the presidency of Eisenhower for the perfect example. The country flourished and had its greatest period of expansion when taxation on the rich was at its highest.
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I have addressed this already in this thread, but the top 1% were not paying much more during Eisenhower's administration than they are now:
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Originally Posted by Ark2
Despite the what the top marginal tax rates were in the past, top income earners weren't paying much more back then than they are now.
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There is a common misconception that high-income Americans are not paying much in taxes compared to what they used to. Proponents of this view often point to the 1950s, when the top federal income tax rate was 91 percent for most of the decade.[1] However, despite these high marginal rates, the top 1 percent of taxpayers in the 1950s only paid about 42 percent of their income in taxes. As a result, the tax burden on high-income households today is only slightly lower than what these households faced in the 1950s.
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https://taxfoundation.org/taxes-on-t...950s-not-high/ |
Second, to attribute America flourishing during the 1950's to a high tax rate (that no one even actually paid) is ridiculous. WWII decimated most of the world, while the US escaped relatively unscathed. That had an enormous impact on America's rise as an economic superpower and had nothing to do with taxes. Were you to implement those tax rates and actually enforce them today, it would amount to economic chaos.