Forum Post: Eisenhower's taxed the top braket 90% he got the debt down to 30% of GDP
Posted 12 years ago on Jan. 5, 2012, 10:57 p.m. EST by demcapitalist
(977)
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He gave tax breaks to people who actually created jobs for Americans Whatever happened to fiscal conservatives?
US $25 Million Away From Debt Ceiling Breach
http://www.zerohedge.com/news/here-we-go-again-us-25-million-away-debt-ceiling
-01/05/2012-
It's simply amazing how quickly the US managed to hit its debt ceiling... https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=12010400.pdf ...all over again...And now the Social Security Fund pillaging begins anew until Congress signs off on the
latest interim debt ceiling increase.
(See Chart) http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/Debt%20limit.jpg
Total Public Debt Subject to Limit - $15,193,975,000
Statutory Debt Limit - $15,194,000,000
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Might want to check the numbers again. Yes the marginal rate was 90% but the effective rate (after deductions/credits) was only 34% on the top 1%. That's comparable to the current 32% rate, and lower than the 38% that existed in the 70s
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Eisenhower did give tax breaks to people who created jobs for Americans. This is different from the current state of the nation where the pretend "fiscal conservatives" call any old sociopath gambling addict billionaire a "job creator" and tell the unwashed masses that those folks need a tax break. We won't get out of this hole we are in like this.
It is misleading to compare the top marginal tax rate to the effective tax rate. You didn't state the source for an effective rate of 34%, but assuming that is true, it is not comparable to the current effective tax rate. In 2008. the 400 highest income Americans paid an effective tax rate of only 18.1%.
http://www.ctj.org/pdf/irstop400may2011.pdf
I didn't say "the top 400"
I said the "top 1 percent." They paid an effective tax rate of 34% in the 1950s, 38% in the 70s, 30% in the 90s, and 32% as of 2010 . To sit there and claim "they paid 90% in the fifties" is misleading because it fails to take into account the millions of deductions available back then, which reduced their actual payout much much lower (the effective rate). Please don't make false claims like "They paid 90%" which are so easily refuted. It hurts the cause
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First, I did not say that "they paid 90%" so please don't make false claims. I agree with you that the actual percentage of income paid in tax is a more accurate measure of the changes in tax policy. It is misleading to compare 1950's, post-deductions, tax paid to 2010 rates without taking into account the current huge deductions as well, including the lower rates on capital gains and dividends.
I didn't have data based on the top 1% of income (which, BTW is different from the top 1% of wealth) so I provided the link to the data on the top 400 which are obviously in the top 1%. What is the source of your data?
No way! Are you saying the top bracket now pays 32%?!! THEY DON'T PAY ONE DAMNED CENT!!!
This isn't even worthy of a reply. It's idiotic to claim they didn't pay anything (maybe you're related to George "duh" Bush)
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Do research - you see what you don't understand is that taxes are paid on profits. Once the tax is paid, those profits are either invested back into the company or invested in the market and the tax they pay on those investments, is at a lot lower rate.
So when you hear that "businesses don't pay higher taxes" (unless of course the government gives them concessions) they all pay pretty much the same minus deductions.
Nor do you DipshitKing.
That was when America was still a great nation. Now the "patriots" all talk tax cuts for themselves. Then they salute, praise themselves, say the pledge of alligience, wrap themselves in the flag, take another sip of $500 scotch, and say Screw America. Compare the corporate tax rate ratio for those years!
The thing that amazes me is that they get the poor to vote for their enablers.
God! Don't get me going on that. It's the one thing that could make me despair!
That looks good saying that the top braket was 90% but the truth of the matter was the average rate paid was around 11 - 14 percent based on individual incomes.
Some may have paid the 90% but very few made that much to do it.
The tax rate as a percentage of GDP was 17-18%, about the historical average. The highest percentages were in 1944, 1945, and amazingly, 2000, the final year of the Clinton administration. Those were the only years that the percentage collected was over 20%.
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