Politics
Politics
Out of context: Reply #13446
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- luckyorphan0
I feel compelled to repeat this:
In 1946 the debt was 120% of the GDP, It went straight down to about 32% in 1973. During this period 1946 - 1973 taxes were much higher. Marginal rates were at least 70%; they were 93% under Eisenhower. The economy was better than what we now have. For example, median wages went up 3 times as fast as since 1973. CEO's earned 50 times what their workers earned; it is 500 times today. Staring in 1973, the percent of wealth and income taken by the richest 10%, 1%, and 0.1% has gone up at an ever increasing rate.
We must have much higher taxes on the rich.
Please tell me a period when raising taxes on the rich was bad for the economy. Perhaps when Clinton did so?