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The Water Cooler
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Bring back the 91% tax rate
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<blockquote data-quote="Hobbes" data-source="post: 1994284" data-attributes="member: 3371"><p>I will say this about the 91% rate of the 50's:</p><p></p><p>We were paying off the debt from WW2.</p><p>Lots of people found ways around those rates. Movie stars like Clark Gable for example formed their own corporations so they could pay the corporate tax rate instead of the personal income tax rate.</p><p>This country did amazing things back then including not only the interstate highway system but thousands of dams and watersheds, rural electrification, major research in science and medicine, a budding space program and more.</p><p></p><p>Art Laffer of the Reagan administration is the "economist" that convinced everyone that a tax cut always pays for itself and increased economic activity would create lots of jobs.</p><p>Well, we have even lower tax rates than under Reagan and where are the jobs? </p><p>Personally, I think we've all been snookered into giving people at the top the lowest rates they have had in 70yrs and now they are going to snooker us into sacrificing our SS and Medicare benefits to pay for it.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 1994284, member: 3371"] I will say this about the 91% rate of the 50's: We were paying off the debt from WW2. Lots of people found ways around those rates. Movie stars like Clark Gable for example formed their own corporations so they could pay the corporate tax rate instead of the personal income tax rate. This country did amazing things back then including not only the interstate highway system but thousands of dams and watersheds, rural electrification, major research in science and medicine, a budding space program and more. Art Laffer of the Reagan administration is the "economist" that convinced everyone that a tax cut always pays for itself and increased economic activity would create lots of jobs. Well, we have even lower tax rates than under Reagan and where are the jobs? Personally, I think we've all been snookered into giving people at the top the lowest rates they have had in 70yrs and now they are going to snooker us into sacrificing our SS and Medicare benefits to pay for it. [/QUOTE]
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