Should the United States go back to a top federal tax rate of 70%?

Discussion in 'Politics' started by U2Edge, Jan 4, 2019.

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Should the United States go back to a top federal tax rate of 70%?

  1. Yes

  2. No

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  1. U2Edge
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    U2Edge Gold Member

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    Should the United States go back to a top federal tax rate of 70%?

    I think the United States should increase the top federal tax rate from where it is now at 39% back to 70% where it was in 1980. The top tax rate in the United States from 1945 to 1980 was NEVER lower than 70%. The time period of 1945 to 1980 saw the strongest average annual GDP growth in United States history. The national debt as a percentage of GDP was at 121% in 1945. But by 1980, the national debt was only 33% of GDP. During this time period, the United States fought the cold war which involved fighting in Korea and Vietnam as well as deterring the Soviet Union and Warsaw Pact.

    How was the United States able to fight these wars, have large annual defense spending, pay for new social programs like Social Security, Medicare etc, while reducing the national debt relative to the country's wealth? It was able to do this by having a top tax rate on the richest Americans that was between 70% and 94% during the time period of 1945-1980. These tax rates on wealthy Americans DID NOT hurt the economy, ruin business etc. The country thrived with these tax rates.

    Consumer spending is 80% of economic growth. Most consumers are not wealthy. They are lower class or middle class. Making sure their taxes are lower or balanced is important because they spend money when they get a raise, new job, tax break, etc. The rich though do not change their level of consumer spending when they get a tax cut or obtain more wealth. Their wealth is such that their level of consumer spending is not impacted by tax cuts or tax increases.

    So going back to a 70% tax rate for the wealthiest Americans will provide more important revenue for the government without hurting the economy. This extra revenue can be used to balance the budget, pay down debt, increase defense spending, provide more money for education and health care.

    The national debt has sky rocketed since 1980 and it has been difficult finding enough money for defense and domestic programs. The solution is a higher tax rate, 70% or more on the wealthiest Americans. It won't hurt the economy as shown by the superior economic growth from 1945 to 1980.
     
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  2. Snouter
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    Snouter Can You Smell Me

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    I think welfare folks should work for the money they receive from taxpayers.
     
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  3. Death Angel
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    Death Angel Gold Member

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    how is it moral for any government to confiscate 70% of your INCOME? Remember, income is not even "profit."
     
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  4. Jimmy_Chitwood
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    Jimmy_Chitwood Gold Member

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    Why do you want in my pocket?

    So we will tax ourselves to prosperity?

    And the government won't waste the money this time? It will be different this time?

    Not like: Social Security or the Debt or Medicare
     
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  5. U2Edge
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    U2Edge Gold Member

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    If you are United States citizen living in the United States, whatever is in your pocket is thanks to the MARKET, a MARKET which you were born into and had the opportunity to take advantage of. The U.S. market was created long before you were born and was defended in multiple wars, and was built and grown by generations of people that came before you. To keep it going though requires a stable government that can defend itself and its interest worldwide. That stable government needs revenue that it only can get from taxes. Most of the wealth that can be taxed is in the hands of the rich.

    But hey, if you don't like this system, your free to move to a country like Somalia where there is no government. Somalia has a rather chaotic environment though. Its much harder to make money there and there is a high probability of you being killed or robbed of whatever money you do make. No Billionaires in Somalia. Its a rough place, but at least there is no government reaching into your pocket. Would you prefer to live there rather than the United States?

    Its a waste of money to have the country's government drowning in debt, and to be struggling to pay for defense, and other social programs while the rich live high off the hog. The rich were still rich in the 1950s even when they were paying 90% of their income in taxes. Raise the tax rates on the rich and you can solve the debt and budget deficit problems that have come about since 1980, while still paying for the defense of the country and important domestic programs.
     
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  6. 2aguy
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    2aguy Diamond Member

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    The only way it was possible to maintain that level of slavery? Tax loopholes so that no one actually paid 70%, and the fact that World War 2 had destroyed the industrial base of every other industrialized country in Europe and Asia....leaving us the only country with any industry.......so if you want to do that, 70% would barely be possible......but now? No way....70% is how you get Venezuela, but with even less food and toilet paper...
     
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  7. U2Edge
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    U2Edge Gold Member

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    Well, where does your income come from? If you are a U.S. citizen living in the United States, it comes from the U.S. MARKET. Your income is based essentially on your market value. How much your house is worth is based on the MARKET. You were lucky to be born into the United States and its market. You are lucky to be able to take advantage of that market. The U.S. market was built long before you were born. It was protected, built, and grown by generations that came before you. In order for that market to continue, it needs a stable government that is able to protect it and maintain order. The government needs revenue to do that and the only way it can get that revenue is through taxes.
     
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  8. The VOR
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    The VOR BANNED

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    Then get yourself a job, asshole.
     
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  9. U2Edge
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    U2Edge Gold Member

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    Europe was largely rebuilt by the late 1950s/early 1960s. Asia was still largely undeveloped. Tax loopholes became much more common AFTER 1980, but were not common before 1980. Go back to 1978, the height of the disco era, plenty of wealth, but the richest were paying 70% of their income in federal tax. The country was a strong global super power, but the national debt was under control. It was only 33% of annual GDP back in 1978. The period from 1945 to 1980 shows that heavy taxes on the rich will not hurt the economy and will benefit the country as a whole in a variety of ways.
     
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  10. 2aguy
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    You are delusional.....
     
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