FOC The RATS! Bring Back Ike's Tax Rate On The Rich

[Donnachaidh]

http://smirkingchimp.com/thread/mark-ames/37396/foc-the-rats-bring-back-ikes-tax-rate-on-the-rich



The eXiled has set up an emergency “deficit crisis” website calling on America to restore President Eisenhower’s top tax rate on the wealthiest 0.1% Americans: RATFOCR. Everyone agrees that the Golden Age for America’s middle-class was under President Eisenhower, when the top tax rate reached 91% for the wealthiest Americans. That’s 91%, folks. And look at how the economy performed:



Whoa, what’s this? So the top tax rate was 91%, and yet the economy still boomed during Ike’s presidency? Golly, Mr. Laffer, how’s that possible? Time to go back to your magic napkin and git a-brainstormin’ on those tax cut numbers!

More at the link --

[Vincardog]

1. Net recommendation: +1 votes (Your vote: +1)

[handmade34]

2. ...

[unblock]

3. the real secret is trickle-up.

the fact of the matter is that the powerful will always find a way to extract money from the less powerful.

the trick to keeping an economy moving is to give money to the poor and make the rich take the money BY PROVIDING GOODS AND SERVICES THE POOR NEED.
the high taxes are needed to keep this mechanism going.

these days, instead, we take from the poor and give to the rich. it's too easy for the rich; they don't need to actually be industrious to make money. so there's no need or use in a booming economy from their point of view. easier to just buy yourself a tax dodge or a no-bid contract.

[JHB]

4. The economy can be structured to favor those tring to get ahead...

...or to favor those who already are.

Without economic checks and balances (like high marginal tax rates), there is no disincentive for the wealthy to use their leverage to squeeze everyone below them just to get more.

[OhioChick]

5. Rec n/t