Pilot1
Gold Member
- May 3, 2018
- 6,803
- 1,621
Yea right, like more taxation is going to somehow magically make this country more prosperous. At least that is what the Moon Bats think.
Back when we had a 70% tax rate the deductions were such that very few people ever paid at that rate.
Back then the total combined (federal, state and local) cost of government was less than 20% of GDP. Nowadays it is pushing 40%. Everybody paid fewer taxes, even the very rich that had an incremental rate of 70%.
The reason the economy grew so much was not because of the higher taxes at a 70% incremental rate for the very rich but because of the much lower burden on the economy for the cost of government at less than 20% of the GDP.
The LEFT conveniently forgets that the Trump tax cuts also included the removal of many tax DEDUCTIONS to simplify the tax code. So, those higher income earners effective tax rate may be near the same as it was before without the deductions.