Electile Dysfunction (Current students plz look!)

[G.Irish]

Per Forbes:

The US had a top rate that exceeded 90 percent through the 1950s and early 60s and a 70 percent top tax rate from 1971 through 1980. Then President Reagan got Congress to cut it to 50 percent starting in 1982.

Thank you for posting this.  America's economy hummed right along in that era despite very high top tax rates.  So the idea that rich people will all of a sudden decide they don't want to make more money, doesn't square with reality.

Oh, yeah, the booming 1971-1980, definitely want to go back to THAT economy...

oooh yeah, look at that GDP growth!

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Regardless, if you want to raise tax revenues to reduce deficit spending then go nuts, I'm all for it.

But the left hates reducing spending as much as they love shitting on the constitution, so that's never gonna happen.

I mean if you wanna cherry pick 3-4 years out of 40+, be my guest. Point is that the sky didn't fall, rich people didn't commit mass suicide (except for cocaine overdoses), and a lot of people point to that time period as 'when America was great'.

I don't think the top marginal rate needs to necessarily be that high, but it should be higher than it is now, and there needs to be a mass reduction in the amount of tax loopholes. Maybe just burning it all down and going to FairTax is the answer but the current tax code is Swiss cheese.

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