Sunday, October 24, 2010

What was the top tax rate during the depression?

  • Merrill Simmerman What was the top tax rate during the depression?

    3 hours ago · LikeUnlike

  • Glenn Littrell

    In 1918 they were 77% and dropped from there to 46% in 1924
    From 1925 thru 1931 they were 24-25%. [the crash was Sept., 1929]
    Taxes started going up with the roll-up to the war, and roll out of the new deal in 1932.
    It peaked at 92% in 1952-53... [Truman,Eisenhower]
    Remained in the 90s thru 1963. Eisenhower, Kennedy]
    Dropped and remained in the 60s from 1964 to 1980. [Johnson, Nixon, Ford & Carter].
    In 1981 it was 69.13% [Reagan]
    1982 thru 1986 it was 50% [Reagan].
    1987 thru 1992 it dropped to 38.5%, then 28% [Reagan] and then up to 31% [Bush Sr.].
    1993 thru it 2000 it was 39.6% [Clinton]
    In the first two years under Bush [Jr.] it was 38.6% and since then it has been 35%
    For 65 of the last 100 years the top tax rate for the rich has been over 50%! You would think that losing a tax cut of less than 4% present in these times would have them kissing the American soil in appreciation that it isn't more. Especially when you consider that they seldom pay the top rate because of loop-holes, breaks and incentives.
    Companies like Exxon [35 Billion profit] in 2008], Bank of America, CitiBank, and GE PAID NO TAXES LAST YEAR!!!!See More

    about a minute ago · LikeUnlike

  • Glenn Littrell

  • http://en.wikipedia.org/wiki/File:GDP_depression.svg

    a few seconds ago · Like

  • Why would the working man support it? Why would they want to give control back to the Republicans, but they do. They bought into the charisma of of Reagan. Positive and anti-abortion. This created an emotional tie to the Republican party which following Reagan manifested itself into the religious leaders, the ones with the bully pulpit of TV evangelism in particular, seeing a golden opportunity to combine their motivation[money] with a political alliance that could swell their ranks. Combining forces of the anti-abortion movement within their congregation with the alienated white middle class who saw desegregation and affirmative action as a threat was easily carried out as it employed a fear and victimization, two strong emotional threats.
    This alliance grew as it fit into the Republicans 'southern strategy'.
    The Rush Limbaugh's of the world, like most conservatives and neo-cons were no more religious than the most liberal left-winger, but they realized that the age old fundamentalist practice of 'crisis conversions' was very effective in swaying and committing followers into near blind service to a set of tenants.
    Just as fundamentalist preachers as far back as the great awakening realized the importance of fear, intolerance and hate in selling love and righteousness the conservative right-wing welcomed the masters of those tactics: TV Preachers.
    The end result is that even though the right-wing has done nothing on abortion other than bring it out every election and then reformulate their game plane for overturning it this emotional tie to the conservatives can always be maintained by recycling fear and hate.
    Their emotional attachment to the right-wing pundits has blinded them to the logical arguments to the contrary. Emotion always trumps logic until a life changing event shatters those attachments.

    2 comments:

    1. Yep, about right... Eke a socialist and Barry a gay supporter "I don't care if a soldier is straight as long as he can shoot straight." c.1993
      Its not your grand-dads republicants..

      ReplyDelete
    2. An extra 3% over $250,000...that means they're paying the same on the first $250,000 that anyone else in that bracket pays... so if they're making $300,000 they're only paying an extra 3% on the extra $50,000! They're still getting the Bus...h tax cuts on the $250,000
      In addition some of these so called small businesses are making upwards of 5 million and others employ as many as 5,000 employees. The definition of small business is so confuluted [?]. Plus the reason Buffett pays less than his secretaries is the lower rates that he qualifies for, way lower than the full rate for someone making less than $250,000. The loop holes that kept Exxon from paying any taxes last year in spite of a 35 Billion dollar profit!
      FOOTNOTE: Every Washington lobbyist, think tank thinker, congressman, senator and 'in front of camera personality' at FoxNews will make well over $250,000 this year when all is said and done. Sarah Palin will make in the millions even after abandoning her state job in Alaska...she can see the bank from her house dontcha know.

      ReplyDelete