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?