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Started By
Message
On Tax Day, The Greatest Generation Leads
Posted on 4/16/14 at 2:46 pm
Posted on 4/16/14 at 2:46 pm
LINK /
Next time some stupid pundit or message board poster claims cutting taxes for the rich creates jobs, remind them of the post WWII era when the U.S. enjoyed consistently high rates of economic growth despite a much higher top tax rate than exists today.
Next time some stupid pundit or message board poster claims cutting taxes for the rich creates jobs, remind them of the post WWII era when the U.S. enjoyed consistently high rates of economic growth despite a much higher top tax rate than exists today.
12
Posted on 4/16/14 at 2:49 pm to samson'sseed
quote:
despite a much higher top tax rate than exists today
Wanna know how I know you are economically illiterate?
Posted on 4/16/14 at 2:53 pm to samson'sseed
Posted on 4/16/14 at 2:56 pm to samson'sseed
Did you even read the article?
Posted on 4/16/14 at 2:58 pm to fleaux
quote:
Did you even read the article?
The misinformation is definitely intentional.
Posted on 4/16/14 at 3:01 pm to fleaux
Clearly you didn't read the article.
How would a 10% surtax be received today?!?!?
And, DEMAND creates jobs, not rich guys.. Econ 101.
How would a 10% surtax be received today?!?!?
And, DEMAND creates jobs, not rich guys.. Econ 101.
Posted on 4/16/14 at 3:02 pm to samson'sseed
quote:
samson'sseed
Posted on 4/16/14 at 5:10 pm to samson'sseed
quote:
Samson's seed
Posted on 4/16/14 at 6:14 pm to samson'sseed
You willing to trade the rates for deductions available then? How about adjusting for percentage of taxpayers in the top rate then vs now?
Posted on 4/16/14 at 6:19 pm to biscuitsngravy
Yes i read the article, it also mentioned lowering spending.....
Posted on 4/16/14 at 6:44 pm to BBONDS25
I'm not familiar with the tax rates of that time...were they really that high or were there enough deductions to make it similar to what we have today?
Plus making over 200k in 1950 was a lot of money.
Plus making over 200k in 1950 was a lot of money.
Posted on 4/16/14 at 6:48 pm to deltaland
The top tax rate for personal income tax has been a lot higher in the past. However....deductions were much more liberal. The percentage of taxpayers that reached the top bracket was much much lower then too. He also is probably wanting to target those who make most of their money on capital gains. Basically....his premise is flawed.
Posted on 4/16/14 at 6:52 pm to samson'sseed
quote:Heeaayyy yaaawwl !
Next time some stupid pundit or message board poster claims cutting taxes for the rich creates jobs, remind them of the post WWII era when the U.S. enjoyed consistently high rates of economic growth despite a much higher top tax rate than exists today.
Tha Jawja boy has him a rootin' tootin' solutin' ta that thar ec'nomics problum.
We need to have ourselves one a'them DadGum WorldWar Things.
Posted on 4/16/14 at 6:56 pm to samson'sseed
quote:
samson'sseed
Rex wannabee?
Posted on 4/16/14 at 6:56 pm to NC_Tigah
Posted on 4/16/14 at 7:01 pm to BBONDS25
quote:
The top tax rate for personal income tax has been a lot higher in the past. However....deductions were much more liberal. The percentage of taxpayers that reached the top bracket was much much lower then too.
bbonds, you got anything on what the top effective rate actually was back then?
i'd also be curious about what piece of the income distribution was captured by whatever that threshold was.
(speaking of which, i'd also be curious about how high that threshold was in current $ terms)
seems like we'd need all this stuff to compare the two eras fairly. so if you could just pull all that info for me together for free, that'd be great. seems like you're the expert around here
Posted on 4/16/14 at 7:11 pm to 90proofprofessional
Haha. Maybe tomorrow. I'd like the op to answer my questions. Then we can get in depth.
Posted on 4/16/14 at 7:25 pm to samson'sseed
From the article…
And what do you mean by consistent? There were four negative GDP periods between 1948 and 1962. Yet only one period of negative in the last 14. In fact, since the marginal rates were dropped I see only two negative GDP periods since 1989.
quote:
Reducing defense spending was, a function of the end of the war. Nevertheless, the Greatest Generation had less government than we do: No Department of Health and Human Services, no Housing and Urban Development, no departments of Transportation, Energy, Education, Veterans Affairs, Homeland Security.
And what do you mean by consistent? There were four negative GDP periods between 1948 and 1962. Yet only one period of negative in the last 14. In fact, since the marginal rates were dropped I see only two negative GDP periods since 1989.
This post was edited on 4/16/14 at 7:26 pm
Posted on 4/16/14 at 7:31 pm to samson'sseed
The US was the ONLY industrial power in the world at that time. Japan and Europe was in shambles.
Great Britian was drained dry and it took decades for the industrialized world to recover.
A kid could graduate high school and walk into a pretty solid job and have a good middle-class life.
Global competition finally started catching up to the US in the 1980s.
Plus add to the fact that the mega-corporations started 'out sourcing' the manufacturing jobs to third world countries, good middle class and blue-collar jobs started to become scarce.
Great Britian was drained dry and it took decades for the industrialized world to recover.
A kid could graduate high school and walk into a pretty solid job and have a good middle-class life.
Global competition finally started catching up to the US in the 1980s.
Plus add to the fact that the mega-corporations started 'out sourcing' the manufacturing jobs to third world countries, good middle class and blue-collar jobs started to become scarce.
Posted on 4/17/14 at 8:04 am to BBONDS25
You're talking apples and oranges.
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