Re: Tax Reform
However, with those low tax rates from 1913 thru the 1920's, it was like being on steroids then dying of liver disiease at age 40 with the Great Depression/Crash in the late 1920's thru the 30's.
Since then, when the top rate was 91% from 1947 thru 1961, we had massive economic expansion of the 1950's and nearly balanced budgets.
From 1961 thru 1981 the top rate was 70%...deficits were relatively small, strong economic expansion from the 1960's thru the mid 1970's, undone by Nixons price freeze and Oil Embargo.
From 1981 thru 1986 the top rate was 50% and even though we had the strongest Recession since the Great Depression from 1981 to 1982, the economy had strong growth under that 50% top tax rate for several years in the mid 1980's.
From 1987 thru 1991 top rate was reduced to 28% and growth flattened out, and we entered a mild recession in the early 1990's...and tripled the National Debt.
From 1994 thru 2000 the top rate was raised to near 40%, and we had the strongest economic expansion and deficit reduction in modern history.
From 2001 thru 2003 the top rate was reduced to 36% and we went into recession.
From 2013 the top rate went back up to 40% and we continued strong economic growth, adding Millions of new jobs, reducing the deficit every year, and havng the unemployment rate go down towards 4.6%.
The bottom line...lowering taxes has NOTHING to do with economic growth...just growing deficits and an acceleration towards Recession.
Last edited by FireWeatherMet; 04-15-2017 at 12:42 AM.
CURRENTLY 50% F and 50% G (as of COB 4/20/17)