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The purpose was to get people to stop working and instead hang around the Brown Derby restaurant? 'Duh' is quite right. Or maybe even better, Homer Simpson's "D'oh."
They didn't stop working, they invested money in tax favored deals. Back then you could offset earned income with passive losses and depreciation schedules were more generous.
Maybe you should take some accounting lessons and watch cartoon shows less.
In the fifties the top marginal tax rate was 91% and the economy did fine. Those are just facts. People are entitled to their own opinions. People aren't entitled to their own facts.
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Originally Posted by greywar
OK so back on topic. whats the myth? that the top tax rate was 91%? Thats true. Or that the economy did fine? Cause thats also true.
They are facts, but they very well may be unrelated facts.
At this level of detail all you can really say is that there are a set of economic conditions under which a country can have high top marginal income tax rates and the economy will have robust growth for a certain period of time.
They didn't stop working, they invested money in tax favored deals. Back then you could offset earned income with passive losses and depreciation schedules were more generous.
Maybe you should take some accounting lessons and watch cartoon shows less.
Yes, they did stop working. This is quite a simple point, and yet you fail to get it. Go back and read the quote re Reagan in post #1. And I have not watched a cartoon show in many years. Maybe you should stop doing whatever is robbing you of the ability to cogitate, and whatever it is that is causing you to hallucinate.
Yes, they did stop working. This is quite a simple point, and yet you fail to get it. Go back and read the quote re Reagan in post #1. And I have not watched a cartoon show in many years. Maybe you should stop doing whatever is robbing you of the ability to cogitate, and whatever it is that is causing you to hallucinate.
I was alive then and my family is a relatively high income collection of people. None of them, nor anyone we knew, stopped working part way through the year. They spent their spare time looking for tax advantaged deals.
You're quoting a Grade B actor who had Alzheimer disease.
Funny how you end your post concerning the "Liberal Myth" by quoting that famous Liberal Ronald Reagan who based on the quote was a believer of the 91% tax rate myth.
The top MARGINAL rate was indeed 91%
Most do not understand the difference between marginal and effective rates.
In the following source, please note the reduction of the number of brackets over time.
I was alive then and my family is a relatively high income collection of people. None of them, nor anyone we knew, stopped working part way through the year. They spent their spare time looking for tax advantaged deals.
You're quoting a Grade B actor who had Alzheimer disease.
Lets be fair actually that actor was not suffering from Alzheimers at the time, and was probably somewhat accurate. Actors were one of the very very few groups where doing this was actually reasonable to some degree. But they are the rare exception to it. If it were true across the board, and not for the tiny minority you could argue it would help keep unemployment down as others would have those opportunities.
I was alive then and my family is a relatively high income collection of people. None of them, nor anyone we knew, stopped working part way through the year. They spent their spare time looking for tax advantaged deals.
You're quoting a Grade B actor who had Alzheimer disease.
First of all, you've committed the ad hominem logical fallacy here. Fallacy: Ad Hominem
Second of all, I didn't even quote Reagan, I quoted a book about him. Again, go back and read post #1.
Finally, the fact that your family didn't stop working part way through the year doesn't mean that others did not.
Finally, the fact that your family didn't stop working part way through the year doesn't mean that others did not.
Kind of like the fact that Reagan knew actors that stopped working part way through the year doesn't mean that others did.....and yet you criticize someone else for making the same sort of response?
The more the government spends of GDP the less invested by private and the less risk they are willing to take in investments.
just as increase numbers of dependent on government does for welfare by wealth sharing.
And whose fault would that be??? Of course, in your world view, NOT the 60,000+ businesses which have offshored their labor??
Thereby, dumping millions of formerly-employed onto unemployment, Medicaid, food stamps. And today, if they're lucky enough to find work, same poor souls work with no benefits and an hourly wage at least 50% of they'd been earning.
And, you dare to call that wealth-sharing?????
Wow, just wow.
Quote:
It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt. ~~ Mark Twain
Quote:
Originally Posted by DCforever
They didn't stop working, they invested money in tax favored deals. Back then you could offset earned income with passive losses and depreciation schedules were more generous.
Maybe you should take some accounting lessons and watch cartoon shows less.
Yes, indeed. There is a reason the GOP defunds education. Gullible ignorance is the enemy of critical thinking. Lack of critical thinking promotes belief in fraudulent propaganda.
Kind of like the fact that Reagan knew actors that stopped working part way through the year doesn't mean that others did.....and yet you criticize someone else for making the same sort of response?
The poster claimed that even the actors that Reagan discussed did not stop working. How he/she knows this is beyond me...clairvoyance, maybe. I never claimed that EVERYBODY stopped working, just that some did. It is not the "same sort of response" at all.
Anyway this is a minor facet of the point I wanted to make, and I will not say any more about it. If people want to believe that they know better than Reagan, who after all lived through it, I won't try to convince them otherwise.
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There is a reason the GOP defunds education. Gullible ignorance is the enemy of critical thinking. Lack of critical thinking promotes belief in fraudulent propaganda.
The poster claimed that even the actors that Reagan discussed did not stop working. How he/she knows this is beyond me...clairvoyance, maybe. I never claimed that EVERYBODY stopped working, just that some did. It is not the "same sort of response" at all.
