The national debt just crossed $39 trillion—almost doubling since Trump vowed to erase it

[markef]

Gawd YOU are an idiot. I posted from YOUR OWN LINK showing Carter's top rate was 70%. Keep up your BS

You have not disproven the report that the top tax rate under Carter was 91%.

Yes
Yes, the top tax rate under President Carter was 91%. This rate was established during the Revenue Act of 1950, which raised the top marginal rate to 91% to fund the Korean War.

legalclarity.org+1
+++++++++++++++++++++++++++++++++++++++++++

The tax rate climbed to 91% under the Revenue Act of 1950 for income over $400,000, which is equivalent to about $5 million today. However, this rate was applied to a very small fraction of taxpayers; only about 1% of Americans fell into this top bracket. The actual effective tax rate for the top 1% of earners was much lower, averaging around 30% to 40% after accounting for deductions and credits. The Revenue Act was enacted to fund military expenditures during the Cold War, but it was designed to be a progressive system, meaning that the vast majority of taxpayers paid much lower rates.

Bipartisan Policy Center+4

 

[struth]

Obama trashed the Budapest Memorandum in favor of Russia and Joe Biden got rich selling White House access to Ukrainian crooks. It looks like crooked politicians were playing both sides of the fence.

Dems have long used Ukraine as a money laudering scam to enrich themselves

 

[struth]

You have not disproven the report that the top tax rate under Carter was 91%.

Yes
Yes, the top tax rate under President Carter was 91%. This rate was established during the Revenue Act of 1950, which raised the top marginal rate to 91% to fund the Korean War.

legalclarity.org+1
+++++++++++++++++++++++++++++++++++++++++++

The tax rate climbed to 91% under the Revenue Act of 1950 for income over $400,000, which is equivalent to about $5 million today. However, this rate was applied to a very small fraction of taxpayers; only about 1% of Americans fell into this top bracket. The actual effective tax rate for the top 1% of earners was much lower, averaging around 30% to 40% after accounting for deductions and credits. The Revenue Act was enacted to fund military expenditures during the Cold War, but it was designed to be a progressive system, meaning that the vast majority of taxpayers paid much lower rates.

Bipartisan Policy Center+4

Yeah but as your link shows Kennedy proposed and then Johnson signed the tax reform bill of 1964, which slashed tax rates, and grew revenue and the economy

That cut the top rate from 90 to 70 which was the rate when Carter was president

Had Johnson not did a 180 on the Kennedy plan, with his “great society” programs we’d all be better off today and our debt way way way less

 

[Woodznutz]

Somehow, I'm not surprised..it seems that spending other people's money has been our President's go-to since childhood.
It's clear that Trump, like all the others before him, only give lip service to reducing the debt.

The national debt just crossed $39 trillion—almost doubling since Trump vowed to erase it | Fortune

Budget experts agree on one thing. The debt is on an "unsustainable" trajectory.

fortune.com

The United States national debt crossed $39 trillion for the first time Tuesday, arriving at the grim milestone less than five months after it first hit $38 trillion in late October—a pace of accumulation that budget watchdogs and academic economists are now calling, with unusual unanimity, “unsustainable.”

The milestone, confirmed in Wednesday’s Daily Treasury Statement, lands amid a politically charged moment: it comes roughly two weeks before the ten-year anniversary of President Trump’s 2016 campaign promise to eliminate the national debt within eight years. Instead, the gross national debt has roughly doubled since Trump first took office—it was $19.9 trillion in January 2017.

“Our moral duty to the taxpayer requires us to make our Government leaner and more accountable,” President Trump wrote in March 2017, as he issued an executive order directing OMB Director Mick Mulvaney to submit a comprehensive plan to reorganize Executive Branch departments and agencies in order to keep his promise to put in place common sense reforms to eliminate waste so that the Government better serves all Americans. “We’re going to do more with less,” Trump said at the time.

“As America soars past $39 trillion in debt, we must recognize this alarming rate of growth and the significant financial burden we are putting on the next generation,” Michael A. Peterson, CEO of the Peter G. Peterson Foundation, told Fortune in a statement. “Borrowing trillion after trillion at this rapid pace with no plan in place is the definition of unsustainable.”

Wasn't it reported that Trump once stated, "I am the king of debt. I will bankrupt the country."

 

[markef]

Yeah but as your link shows Kennedy proposed and then Johnson signed the tax reform bill of 1964, which slashed tax rates, and grew revenue and the economy

That cut the top rate from 90 to 70 which was the rate when Carter was president

Had Johnson not did a 180 on the Kennedy plan, with his “great society” programs we’d all be better off today and our debt way way way less

Did not reach 91%

Did​

The top tax rate under President Jimmy Carter did not reach 91%. During Carter's presidency, the top marginal tax rate remained above 90%, but it did not hit 91%. The top marginal tax rate was 91% during the presidencies of Harry S. Truman and Dwight D. Eisenhower, but these rates were not reached during Carter's administration.

 

[struth]

Did not reach 91%

Did​

The top tax rate under President Jimmy Carter did not reach 91%. During Carter's presidency, the top marginal tax rate remained above 90%, but it did not hit 91%. The top marginal tax rate was 91% during the presidencies of Harry S. Truman and Dwight D. Eisenhower, but these rates were not reached during Carter's administration.

Oh maybe I misunderstood…yes under Carter the top rate didn’t reach that high and was at 70 percent