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At one time the income tax rate for the highest earners was 92%. That gave us the GI bill and free tuition at many colleges as well as a lot of infrastructure improvements that the middle class didn’t go broke creating. Just a reminder.
What, like companies moving out of SF? Riiiiiigggghhhhht. They're all going to move to Desert Suck or Tax-less. Uh-huh.
Quote:
Originally Posted by Thatsright19
If I hadn’t been told, I would have thought this was an article from the onion.
For one thing, you have to pretty much automatically ignore any such proposals from any pol in a 20-mile radius of Coit Tower, especially any from Berkeley and environs. Several times a year, some elected feeb puts up a bill or a proposal to ban all cars or require everyone to carry water bottles or some such.
And the national news picks it up and California gets another bad rap that was earned somewhere within ten miles of Hollywood or said 20 miles of SF.
At one time the income tax rate for the highest earners was 92%. That gave us the GI bill and free tuition at many colleges as well as a lot of infrastructure improvements that the middle class didn’t go broke creating. Just a reminder.
That was the marginal tax rate. Effective tax rates were about 17% for the top 1% at the time, which is what actually matters.
But it’s good you read that high number once, and didn’t understand what it meant... and associate the tax rate as THE reason the U.S achieved economic success at that time. It couldn’t have possibly been other things like...being the only unwrecked power on Earth (holding 50% of world gdp) and having the pick of of the litter of former nazi scientists and all military and industrial secrets of the British empire dropped into our laps.
And as the marginal tax rate has fallen, the tax burden on the rich has increased.
That was the marginal tax rate. Effective tax rates were about 17% for the top 1% at the time, which is what actually matters.
Because the income level of the 1% (not including the 0.05%) was far below that top bracket. It was quite specifically a tax for those who made (for the time) a very high income.
At one time the income tax rate for the highest earners was 92%. That gave us the GI bill and free tuition at many colleges as well as a lot of infrastructure improvements that the middle class didn’t go broke creating. Just a reminder.
Just a reminder, JFK and Paul Samuelson, probably the greatest liberal American economist, did away with those punitive rates and the economy exploded to the upside. Sadly, Johnson signed the cuts into law after JFK was assassinated. Those tax cuts are significantly responsible for 18 straight years sporting GDP growth over 4%, IIRC average growth over that span was roughly 7%.
Don't take my word for it check it out for yourself.
ETA - GDP average growth the previous 10 years was ~3.2%.
I bet economic development types around the country are hoping SF is stupid enough make this law.
The whole west coast needs to just slide off into the ocean. Either that, or a People's Army should go in there and straighten them out.
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