The US at its pinnacle, 1953 Time magazine

Discussion in 'Economics' started by KINGOFSHORTS, Dec 1, 2009.

  1. LOL!!!!!!:D
     
    #21     Dec 1, 2009
  2. leela

    leela

    49k in 1953 = ???k in 2009 ?
     
    #22     Dec 2, 2009
  3. GG1972

    GG1972

    Eventually it was always the wars constantly waged that couldnt be supported by the revenues generated that led to decline of empires such as the Roman empire, british empire etc.

    History has a tendency to repeat itself.
     
    #23     Dec 2, 2009
  4. THAT'S the Obama promise.. :mad:
     
    #24     Dec 2, 2009
  5. #25     Dec 2, 2009
  6. Using of inflation rate of 4% (which is the long term average over the period).


    $49K in 1953 = $441,000 in 2009.

    Taxes of $21K represented a 43% tax rate in 1953.

    If you live in NYC today and make the equivalent $441K , your tax rate is above 50% (including federal, state, and local).

    No way in hell were tax rates lower in 1953, then. No wonder they were getting buy OK. the government was stealing less.
     
    #26     Dec 2, 2009
  7. Sorry.

    I meant to say there's no way in hell taxes were HIGHER in 1953.
     
    #27     Dec 2, 2009
  8. Dammit. I don't know how the hell my post got so garbled. "getting buy"? I'm just tired and I was concentrating on getting the calculations right. Sorry about that. But, you get the gist.
     
    #28     Dec 2, 2009
  9. Illum

    Illum

    It's just the media of that time blowin smoke up your ass.
     
    #29     Dec 2, 2009
  10. Yes they were... actually they were REALLY HIGH. Until Ray-gun and Art Laffer.

    go to http://www.taxfoundation.org/publications/show/151.html it will surprise you.

    There were a lot more tax brackets then.. If you made 49K then, the top bracket for dollars made between 44K and 50K was 71%! The money made below was taxed less... but not as less as you might think - go to the link above.
     
    #30     Dec 2, 2009