You have no idea! Socialism was practically proven not to work. This is the reason of current financial and economic problems both in Europe and US. Governments will never be able to manage economy and money for long term prosperity. Not everybody who has a brain uses it properly. Look at you for example.
Prosperity? Small homes, one car, and everyone worked in a factory. You cannot analyze tax rates in a vacuum, the US had the only intact industrial base in the world. Energy was also cheap - 'prosperity' was almost a given. Ask yourself this, if things were so dandy the why did John Kennedy campaign on the promise of cutting taxes? I would bet that nobody ever paid 80%, the effective rate had to be much lower since the government income as a percent of GDP was that much more than now. <iframe width="420" height="315" src="http://www.youtube.com/embed/aEdXrfIMdiU" frameborder="0" allowfullscreen></iframe>
True. Yet those taken with bad intentions are long lasting. The Fed, the biggest confiscator and wealth distributor of all, was and is yet credited with the salvation of capitalism. Yet the corrupt oligopolies in every industry drain capitalism as we chat in here. I advocate for higher marginal taxes as a way to get us back on track. The Fed, our Laws, congress and the corporate world have all conspired to make themselves richer at our expense. Too bad for you if you donât see it.
There are different ways to look at history. You say small homes, one car and everyone worked at a factory. Home prices were 1 to 1 the average annual income of a family. Today it is 3 or 4 times that at best. You had maybe one âGREAT CARâ that could last decades. Today you have four wheels that wont last 10 years top. Everyone worked in factories, well paid according to the standard of living. A high school diploma was worth something and the average worker was well paid. Today if you donât have a college degree life can be quite hard. Taxes was a major TOOL to generate the most needed infrastructure that was built after WWII. After Reagan slashed them and substituted them with massive insane debt our government spending only skyrocketed and our infrastructure is crumbling. HIGH TAXE WILL COME BACK ON THE RICH OR WE WILL BECOME TWO NATIONS. ONE RICH, ONE POOR. NO LONGER UNITED. Already we have two systems. Socialism for the rich and capitalism for the rest. Socialize loses and privatize gains.
Romney Says He 'Probably' Pays 15 Percent in Fed Taxes http://news.yahoo.com/romney-says-probably-pays-15-percent-fed-taxes-160050866--abc-news.html
Again, these "super high" rates were largely a myth that existed on paper only. If we had the confiscatory rates you suggest, how do you suggest the taxes be wasted? More transfer/handout programs? More military spending? Huge goat rope infrastructure projects where most funds are wasted on administration and employees who do little to nothing?
Next time you want to present an argument in your favor, please provide facts like this: http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213 Are you too lazy to look it up and provide it to us?
he is typical of ET posters who play loose with facts. one incompetent called me a cryto-socialist because after he stated some outrageous fact I asked him to post a link. he said I was typical of that breed of wanting something for nothing. http://www.elitetrader.com/vb/showthread.php?s=&postid=3415883&highlight=zdreg#post3415883