Since everybody on the Right and Left describe our economic troubles today as like the 'Great Depression' then why don't we see any stories recounting how we got out of the Great Depression? Here's how we did it!
After the stock market crash in 1929, when our tax rates on the most wealthy were similar to today's rates, we raised the rates on the richest Americans to double or triple what they are today.
From 1930-80 the wealthiest Americans paid between 70% to 90% federal income tax and that's what allowed us to build the American Dream. How else could we afford it? Between 1930-80 we fought and paid for WWII, the Korean War and Vietnam War, we built our entire US Interstate Expressway System, Roads, Electrical Grid, Telephone, our main Bridges and Tunnels-We Made every Car we Drove and we wore just the Clothes we Sewed and WE WENT TO THE MOON SIX TIMES-AND WE PAID FOR IT ALL!
Here's the link. Go to section 21.5 and Get out ye encyclopedias... TRUTH LINK:
AND DON'T EVEN TRY TO SAY...'But there were many deductions that made it so the richest didn't pay all those higher tax rates.'
Really? I am listing the formal tax tables here, no one who makes this argument, that deductions negated the higher rates, has even begun to account for me what these many mysterious deductions were AND WHAT'S MORE if you add up the price of all these mega-accomplishments we made during those fifty years you will see that we would indeed need far more tax revenue from the rich to pay for them! The Hoover Dam! The Golden Gate Bridge! We can't touch this long list of national accomplishments today, we can't afford it! Because the Rich are not paying the 'fair share' they did when we built this country!
So to the rich I say, these numbers below are high, but this is what we did before to make our country strong and great!