Ravi
Diamond Member
I didn't realize the military paid that well. Did you work less because you had to pay more in taxes?No.
"There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well."
Tax cuts spur economic growth
The Idolatry of Ideology-Why Tax Cuts Hurt the Economy by Russ Beaton
I always love that 70-91% tax rate myth. The REALITY was virtually EVERYTHING was deductible and there were no AGI limits on deductions. In 1983 before the Reagan rate cuts took effect, I was in the 70% tax bracket...and i paid less than 10% after deductions! I pay a higher percentage now in the 35% bracket than I ever did under the pre-Reagan days of 70%+ rates. Reagan lowered rates by closed virtually all the loopholes.