Hey Obama, JFK cut the top marginal tax rate to 70%

Discussion in 'Economy' started by Dante, Sep 25, 2010.

  1. Dante
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    Dante On leave Supporting Member

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    Hey Obama, JFK cut the top marginal tax rate to 70%

    JFK _cut_ the top marginal tax rate to 70% tax rate jfk sixties fifties - Google Search

    So let me get this straight. While the USA became an economic powerhouse from WWII until JFK, some of the wealthiest people in the world, the richest people in the USA, paid somewhere near and up to 70% in income taxes. To listen to conservatives and their way back when machine, during the 1950s up to the mid 1960's, the economy in the USA is considered a good time in America compared to the times afterward. So some of the greatest innovations and wealth in the world were created during a time when the USA taxed the wealthy at a much more higher rate than it did under Nixon, Reagan and later Presidents.

    After JFK/LBJ, we had 8 years of Nixon/Ford. The wealthy were taxed less than pre JFK. Using the conservative's cut taxes for the wealthy arguments the economy must have done better, but evidently it did not.

    Enter Ronald Reagan. The wealthy get their taxes cut from 70% to 28%. Along with this corporations get tax breaks, capital gains taxes are cut, and the inheritance taxes of the wealthiest are cut. Deficits also grow. America goes on a credit spree. Deficits don't matter anymore, that is the conservative argument. Before this, conservatives always argued that deficits were bad as others argued deficits that were manageable kept America great. But as the wealthiest and corporations got tax cuts they also went with a soon to be tradition of conservative credit binging.

    George W. Bush enters. The wealthiest again get tax cuts. Some of the wealthiest people in the world on Wall Street actually get to pay less taxes than their less wealthy counterparts. Credit binging is as American as apple pie. A reality in many minds exists "who doesn't have a credit card?" as an American creed that justifies 'shopping' as a response to a major terrorist attack.

    2008: the bill comes due. Obama enters the picture. Damn him what he does, damn what he doesn't do. America, the once great USA is in the outhouse. Obama flushes the toilet. Conservatives start screaming 'let us out' 'we're trapped' as the flush gets clogged by new arguments that taxes are still too high.

    2010: the GOP tries to lead a conservative revolt saying we need to go back to the 'good old' ways.

    What is it I'm missing? WWJFKS? What would JFK say? Better yet, what do conservatives say JFK would do? Lower the top tax rate again?

    :doubt:
     
  2. Trajan
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    Trajan conscientia mille testes

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    The current six rate brackets are; 10%, 15%, 25%, 28%, 33% and 35%

    they will be replaced by five new brackets with the higher rates of;

    15%, 28%, 31%, 36% and 39.6%.

    everyone got a break under Bush ( as you can plainly see) and everyone takes a hit when they expire.

    do I need to add the income levels next to these %'s to?

    classwafare; its all you got. facts simply don't back up your hyperbole.
     
  3. Mr Clean
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    Mr Clean Gold Member

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    With tax rates being what they were back in the '50s and '60s, I would have thought that all the rich would have left by now as some on this board suggest is what will happen if the Bush tax cuts are allowed to expire.
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Dems need to run on tax increases.
     
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  5. Dante
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    Dante On leave Supporting Member

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    America was built on class warfare. The wealthy usually wage it against the poor.
     
  6. Dante
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    Dante On leave Supporting Member

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    I don't hate wealth. I don't like bullies. I love truth.
     
  7. Dante
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    Dante On leave Supporting Member

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    :lol:

    It's an argument I used during the Reign of Reagan the Wealthy Class Warrior.

    Too many left wingers, progressives, populists and moderates are too stupid to say what they know too be true for fear of being labeled by the right wing shills for the wealthy.

    Shame, fairness is easy to discuss.
     
  8. Dante
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    Dante On leave Supporting Member

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    why not. the GOP is running on 'We have nothing new'

    :lol:
     
  9. Trajan
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    Trajan conscientia mille testes

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    tell that to the people whose 10% bracket disappears.........try again theres more...:rolleyes:
     
  10. Trajan
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    Trajan conscientia mille testes

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    when you want to discuss it let us know.
     

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