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In the 50s and 60s, America's boom economy, top tax rate was 90%
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Date: September 16th, 2021 2:49 PM Author: Flesh Wonderful Telephone Office Under Biden regime, highest effective tax rate is on wealthy Americans in the New York region which ultimately results in a tax of 61.2%.
Why was America have its greatest economic growth in history when taxes on the wealthiest Americans were 70-90 percent? |
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Date: September 16th, 2021 5:30 PM Author: Idiotic Mind-boggling Background Story Because they had a global monopoly on everything you buffoon (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127719) |
Date: September 16th, 2021 2:51 PM Author: Jade Yapping Windowlicker Because we had just got done bombing out 4/5th of the world industrial capacity (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126840) |
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Date: September 16th, 2021 2:52 PM Author: Flesh Wonderful Telephone Office Maybe so, but it also allowed for the growth of the world's most affluent and by far largest middle class.
I think America's middle class is falling behind even Canada now and America's huge, affluent middle class was its greatest strength.
Now it seems people have only contempt and derision for this group. |
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Date: September 16th, 2021 2:54 PM Author: Bat-shit-crazy Center Kitty debt to gdp ratio in 1963 (last year of 90% top marginal tax rate, before it was lowered to 70%): $48%
current debt to gdp ratio: 127.11% |
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Date: September 16th, 2021 3:00 PM Author: Flesh Wonderful Telephone Office (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126918) |
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Date: September 16th, 2021 3:10 PM Author: Lavender Garrison Bbw And more importantly, every other industrialized country had been leveled. Some were completely razed and had to be rebuilt from scratch (Japan, Germany, E Europe, the USSR with respect to everything but some military production) and many others had been subjected to years of relentless aerial bombardment/rationing/atrophy of consumer production as everything was ruthlessly optimized towards producing munitions (UK, France—which had also been occupied for 5 years and hosted two major invasions). The US was unscathed, we were the only game in town. Fucking that type of unprecedented lead up in less than a century is truly an achievement. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126990) |
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Date: September 16th, 2021 2:59 PM Author: Blathering peach principal's office yeah you also had a million deductions, no at risk/loss rules and other loopholes to exploit. but keep regurgitating aoc's 90 iq talking points (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126916) |
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Date: September 16th, 2021 3:00 PM Author: spectacular site It's basically a debunked myth. The starting rate for this bracket was also higher (adjusted for inflation) than any other top bracket entry point in history. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126921) |
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Date: September 16th, 2021 3:00 PM Author: Flesh Wonderful Telephone Office They also would never have passed bullshit like "the patriot act" and trampled civil liberties back then. They believed we had a Bill of Rights. Insane how everything has changed for the worse. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126922) |
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Date: September 16th, 2021 3:01 PM Author: Diverse coral property go away rudolph (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126925) |
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Date: September 16th, 2021 3:02 PM Author: Bat shit crazy station masturbator The "effective rate" was much lower than that though. Probably not much higher. Also, state and local taxes were much lower. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43126937) |
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Date: September 16th, 2021 3:05 PM Author: Smoky point why are you comparing two totally different countries?
"america" ceased to be the country of Washington, Jefferson, Teddy, when LBL passed the immigration act. We are now the United States World Trade Zone. |
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Date: September 16th, 2021 3:14 PM Author: silver base coffee pot (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127020) |
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Date: September 16th, 2021 4:07 PM Author: Opaque locale (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127262) |
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Date: September 16th, 2021 4:09 PM Author: olive cheese-eating sneaky criminal sad but true (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127266) |
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Date: September 16th, 2021 5:34 PM Author: Red house I'm not reading this upset jew bullshit, it's been poasted for the 523523th time, taxes were basically voluntary in the 50s. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127732) |
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Date: September 16th, 2021 5:45 PM Author: lascivious unhinged piazza It is not a tax bill but a tax relief bill providing relief not for the needy but for the greedy. -FDR, vetoing a tax bill
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Date: September 16th, 2021 5:47 PM Author: motley slippery juggernaut There were insane tax shelters at the time which were eliminated by 1986. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127810) |
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Date: September 16th, 2021 5:53 PM Author: Contagious Yellow Hairy Legs Address This garbage gets posted every now and then. (1) Almost nobody paid this rate, because (2) there were multiple ways around this back in the 50's and a giant number of ways to shelter your income from taxes (most of which are no longer around).
I understand this 90% rate was done as a "symbolic" gesture and only the unwary got screwed by this rate - for instance, Joe Lewis https://www.mackinac.org/V1997-22
I don't think libs are stupid enough to think that people actually paid 90% in taxes - that's basically everything that you earn - but every now and then one of you stone-brained motherfuckers post this shit.
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Date: September 16th, 2021 5:58 PM Author: Vengeful angry parlor pisswyrm (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127854) |
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Date: September 16th, 2021 6:00 PM Author: Contagious Yellow Hairy Legs Address The future libs want for you:
"During the 1940s, the top marginal rate was hiked to 90 percent, and Joe Louis found himself over $500,000 in debt to the IRS in back taxes. Roosevelt’s new tax laws were complicated and Louis, unlike later successful athletes, had no tax shelters, municipal bonds, or clever accountants. The IRS would not let him deduct the two fight purses he had donated to the army and navy. He couldn’t even deduct $3,000 worth of tickets that he had bought for soldiers to one of those fights. What’s more, the interest payments were compounded each year, ballooning his debt into seven figures during the 1950s.
Louis retired in 1949, undefeated as a champion, but now he had to fight again. "I had to keep working to pay taxes," Louis said, "but the more I worked, the less I had."
In 1950, Louis "announced that I’d decided to come out of retirement and challenge Ezzard Charles for the championship. The reason—taxes." Louis lost the match in a 15-round decision. After the fight, when Louis called his mother, she "begged me to stop now, but she couldn’t understand how much money I owed . . . . The government wanted their money and I had to try to get it to them."
The next year, for a $300,000 purse, the 37-year-old Louis fought Rocky Marciano, but was knocked out in the eighth round. Technically, he owed the whole purse to the IRS, but since he had to pay a 90 percent tax rate on most of his earnings, plus back interest from previous years, he still could not whittle down his debt. Louis’s boxing career was over, and he would never be able to earn the money to satisfy the tax collectors. He died in debt, a broken man. Were he with us today, he might well be one of America’s foremost champions of replacing the current system with a low, flat tax.
Joe Louis would want to be remembered as a champion, a patriot, and a role model for children. He admitted that he overlooked the new tax laws, that he trusted too many friends, and that he spent money unwisely. As we think about his life, we should remember Joe Louis as an expert in the use of physical force to knock out his boxing adversaries, but as a novice when government used political force to knock him out." |
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Date: September 16th, 2021 6:10 PM Author: Shaky trust fund "I don't think libs are stupid enough to think that people actually paid 90% in taxes - that's basically everything that you earn - but every now and then one of you stone-brained motherfuckers post this shit." Someone who thinks the highest effective tax rate is the same as paying 90% of his income in taxes has no business calling anyone stupid. |
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Date: September 16th, 2021 6:15 PM Author: Hideous theater stage internal respiration He's flat out wrong though. Libs would be that stupid. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127965) |
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Date: September 16th, 2021 5:57 PM Author: Histrionic Institution Goddamn we have some dumb motherfuckers on this site (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127851) |
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Date: September 16th, 2021 6:03 PM Author: Red house It's that motherfucker Upset Jew. (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127888) |
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Date: September 16th, 2021 6:12 PM Author: Hideous theater stage internal respiration You voted for that, dumbass (http://www.autoadmit.com/thread.php?thread_id=4923105&forum_id=2#43127948) |