Economy grows at fastest pace in 6 years (millionaire, administration, recession)
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Yikes the top marginal rate was 70% when Reagan took office and 28% when he left. What do you think was the reason for the go go 80's and the economy of the 90s?
So, you're saying we should increase the tax rate to 50% in order to generate a "go-go" economy?
When it dropped to 28%, there was a sizable recession. So, I'm just not understanding your point.
Bottom line: The market liked it (although the net change after thinking about it for a while was pretty much a non-event - we're up a whole two S&P points a half-hour after release) but most of the improvement was due to inventory build and transfer payments from the government (and the government borrowed the money), not actual earned personal income.
Nope they are still useless for growing an economy a point you declined to engage. Instead you preferred to talk about the effect on the individual.
They are not MEANT to grow the economy.
They are meant to provide a stopgap measure and to "prime the pump" so that the economy is able to become self-sustaining again.
Now you're just trying to avoid stepping in the big pile you've created. As we all know, there was a recession in the early 90s, with 3 years of 28% tax rate ahead of it.
The booming 90s, by your own chart there, saw the top bracket go up to 40%.
So, which is it you recommend?
50% to spur the booming 80s again or 40% to spur the booming 90s? Certainly not 28%, since that just spurred a recession.
No we have not come from conservatism run amok. We have come from a credit bubble.
Wrong. The top marginal tax rate under Reagan was 50%. It only went down to 28% during his last year, 1988. And shortly after that, there was a recession. Your link really undermines your case. If Reagan was able to grow the economy with a top marginal tax rate of 50%, why are you beating up on Obama who is not even considering that much of a tax increase? We are headed back to the tax rates of the Clinton era. You remember the Clinton era, don't you? When everyone and his uncle became millionaires? Well, not everyone, but modesty aside, that's when I got my first million, so from first hand experience, I can tell you you are all wet.
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