Very little was collected under that 70% tax rate
Post# of 123696
(Total Views: 170)
Posted On: 03/18/2021 6:34:16 PM
Very little was collected under that 70% tax rate mainly because there were many more tax deductions back then and people who are bright enough to work themselves into that kind of tax bracket were also bright enough to keep the majority of their money......... Remember Carter getting a minimum tax passed so zillionaires had to pay at least something?
I think the tax cuts of 1981 and 2001 were great for the country and money began to pour into the treasury like never before. The problem was, as usual, a bunch of politicians figured out how to spend two dimes for every dime of revenue that they got their greedy paws on.
As far as 2018 goes, Biden is going to make the Trump deficits seem like the good old days.
If I'm not mistaken, wasn't it the wascally wepublcan* Kennedy that got the rates down from 91% to 70%? LOL
* Kennedy probably does look very wascally wepublicanish if compared to to the librul nutburgers in the dimmycrat party today.
I think the tax cuts of 1981 and 2001 were great for the country and money began to pour into the treasury like never before. The problem was, as usual, a bunch of politicians figured out how to spend two dimes for every dime of revenue that they got their greedy paws on.
As far as 2018 goes, Biden is going to make the Trump deficits seem like the good old days.
If I'm not mistaken, wasn't it the wascally wepublcan* Kennedy that got the rates down from 91% to 70%? LOL
* Kennedy probably does look very wascally wepublicanish if compared to to the librul nutburgers in the dimmycrat party today.
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