I believe everyone knows the 20th century was an American century. The US won 2 world wars, put a man on the moon, invented the automobile, pioneered the atom age, business flourished and the middle class was created. Between 1940 and 1980 the average tax rate used to be around 80%. We built the interstate highway system, won WWII, fought in Korea, Vietnam and the USSR. These were also the golden years of the now vanishing middle class. I am writing this thread to remind all of you that real economic growth can happen and its very possible under high tax rates for the RICH. America could not have become an economic and military superpower if we did not tax the rich so much. Every time I suggest taxing the rich 80% everyone looks at me like if I am some kind of commie; but they open their jaws as big as a Florida alligator when I remind them of the 80% tax rate we used to have from 1940 to 1980.
You should really pick up a history book or at least browse Wikipedia. Karl Benz, a German in Germany, invented the modern automobile/car in the 19th century. After World War 2: in the UK and many parts of Europe infrastructure was badly damaged and it also devastated the population psychologically; Germany was flattened - by both bombing and the kidnapping of scientists courtesy of the US and USSR, the technology and brains Germany lost, US and USSR gained; Japan was devastated by the nuclear bomb attack on civilians and the US occupation. The US had destroyed all competition, so naturally it flourished. The US is no different than any other country, the reality is that US lost it's edge as other countries started competing again. High tax rates had absolutely nothing to do with it.
I would love to see the stats that show we had an average tax rate of 80%. I am inclined to call that bullshit! I don't think even the top tax rate averaged 80% over that time period. I don't recall times being so good under Jimmy Carter. Please show the statistics that prove your point. I am more than willing to listen.
people used to deduct everything from credit card interest to high rates of depreciation. 80% didn't actually mean 80% One could also argue the income tax being brand new didn't influence WWI negatively considering we were in the war less than two years. One could also argue the high rate of taxes brought on by the FDR administration prolonged the depression and almost cost us WWII. Certainly WWII was prolonged as a result of high taxes and more Americans died as a result of shortages. One could also argue that the "great society" and other brillant bankruptcy paths (like giving cell phones away for free, and having military bases all over the world) has more to do with the middle class standard of living than anything else. 80% never meant 80% and having the government put a gun to your head and declaring your a slave of the state and must give up half of your work effort is not what the founding fathers had in mind in creating a "free" country. It's a real shame so many died for the freedoms so many are willing to throw away for the sake of some imaginary utopia that has proven to fail over and over.
Thanks for your advice. I am aware of all these historical facts. However, this is not the point of my discussion. I believe high tax rates made a lot of things accomplishable. That is way many countries still use them today, especially successful European economies. Thank you anyways.
Sorry my friend. Look for the numbers yourself. Most people have fish memory, only a couple of decades back.
Then why did you mention those things? Just BSing for fun? The internet was widespread in the 90s, an important mainly US invention, when tax rates were much lower than the historical levels, how do you explain that?
Your comment is out of touch. High rates on the top class began on WWII. What utopia are you talking about?? You are talking about different things.