Originally Posted by Jack Flash:
Bernie wants to raise the income tax rate to 90% Only an idiot would
say, go Bernie. But then tha's one of the stupid people they counted on to
love and pass socialisthealthcare...........
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I don't think that is true, please provide credible, ie NOT Faux News, article where he has stated that.
Still stuck on the tired old faux meme for Fox, Most lefties have abandoned that, realizing the general public no longer believes it. Here's a far let sight that reports the 90 percent tax rate from Bernie.
http://thinkprogress.org/econo...ders-90-percent-tax/
However, now that you mention it, I recall that FDR did put a top precentage income tax in place on the uber rich of his day, of around 95% , but lowered it for the working poor (what there was of them working ) , in order to help end the Gilded Age and restore money back into circulation. It worked to a degree , and the very high tax rates hung around , never dipping below 70% until the 1980, where the top tax rate was dropped to 50%., then later to 28%. Clinton took to top rate back up to 39.6%. Idiot cut them to 35% .
The Gilded Age ended about 1880. FDR was president in the first half of the 1900s. Left is mathematically challenged and, historically challenged, as well, I see. FDR raised the tax rates to pay for the war and stop war profiteering.
Said all that to say, we have been there before , and if you remember the 50s, 60s, and 70s the country did quite well .
During the 50s and 60s the US was the last man standing with an intact industrial base and a work force not killed or maimed by WWII. We have discussed this many time before. Yet, you still bring this up. Is the inability to maintain memory a left wing trait?
In the 90s , the economy virtually exploded when Clinton raised the top rate up to 39.6% (much to the distain (sic) of the grumpy ole R's who claimed it would ruin the country).
The 90s boomed because of the internet boom. Then, burst because of the dotcom bomb.
If you aren't making over half million dollars a year, you won't have much to worry about in Bernie.
Under JFK, Reagan and Bush, tax rates were cut and tax revenue increased.
The economy is now global. If you wish to run off the high income producers, who also increase the economy -- do so. Worked wonders in France. London now has a French population rivaling that of the mother country's largest cities.
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The FDR tax story isn't exactly true either. FDR may have had a top 95% tax bracket in 1944, but he had a captive audiance. Where would a rich man go in a world war to hide his money?
While it is true that the tax rate increases more than doubled the income tax gotten from the top 1% during the 1930s, but the effective tax rates paid by the modern 1 percenters is higher. Also it wasn't FDR that hiked the taxes, it was a liberal Republican with the usual tax and spend Democrats in Congress:
As a group, the New Deal revenue acts of the mid-1930s substantially boosted the tax burden on rich Americans. According to Brownlee, the income tax changes alone raised the effective rate on the top 1 percent from 6.8 percent in 1932 to 15.7 percent in 1937.
http://www.taxhistory.org/thp/...046BCAF?OpenDocument
The effective tax rate of the top 1% was 23.5%: The average tax rate paid by these high-income households was 23.5% -- which represents the percent of their income they paid in federal income taxes.
http://money.cnn.com/2014/04/04/pf/taxes/top-1-taxes/
The working stiff didn't get out of the Depression free either, they paid a lot of excise taxes:
Some of the most important elements of the New Deal tax regime were engineered by Herbert Hoover. Congress passed the Revenue Act of 1932 five months before Franklin Roosevelt won his bid for the White House. But key elements of the law -- including an array of regressive consumption taxes -- remained a cornerstone of federal finance throughout the 1930s.
The 1932 act imposed the largest peacetime tax increase in American history. Congress expected it to raise roughly $1.1 billion in new revenue, much of it from the rich. Lawmakers raised income tax rates across the board, with the top marginal rate jumping from 25 percent to 63 percent; overall effective rates on the richest 1 percent doubled, according to economic historian Elliot Brownlee. Meanwhile, estate tax rates also climbed sharply, while the exemption was cut by half.
For all its progressive features, Hoover's revenue swan song -- which passed with strong support from the Democratic majority in Congress -- also included an array of regressive excise taxes. The law created new levies (including taxes on gasoline and electricity), while raising rates for old ones. As a group, most of these consumption taxes fell squarely on the shoulders of Roosevelt's famous Forgotten Man. Yet once in office, the new president did nothing to reduce them. Indeed, excise taxes provided anywhere from a third to half of federal revenue throughout the 1930s.
http://www.taxhistory.org/thp/...046BCAF?OpenDocument