Sanders promises taxes for the rich won't hit Eisenhower era 90%: “I'm not that much of a socialist compared to Eisenhower" #DemDebate
— HuffPost Politics (@HuffPostPol) November 15, 2015
Of course, the socialist wants to close all loopholes, which means everyone would pay more taxes than during the Eisenhower years.
-RW
Since when does the president determine tax rates? It is my understanding that the marginal 90% rate was paid by very few. The effective rate was 70% and reflected the rate increases of two world wars. When Eisenhower entered the Oval Office in 1953, both the houses of congress were in the control of Republicans. But the Democrats regained control of Congress in January 1955, and retained the Senate until 1981 and the House until 1995.
ReplyDeleteThe Democrats held the tax rate at that high level until the 1960s when the marginal rate was lowered to 70%. It wasn't until 1982 when the highest rate was dropped to 50%.
If one wishes to argue that the president is behind tax rates by congress, then it should be noted that the tax rate was at 63% during the depression and steadily increased until it hit 94% in 1945, making socialist FDR the residing president during the highest tax rate this land has ever seen, with the support of a Democrat congress.
yeah but the deluded old fool didn't mention that leaving many no doubt with the idea the rich were made to pay "their fair share"
DeleteThe fools of the middle class who call for "taxing the rich" never seem to notice that the taxes end up coming down hardest on them. The top .01% who they think are going to get soaked are always able to dance around it. After several years the feds say that the revenue they hoped to raise hasn't materialized and they have no choice but to rope in the middle and upper middle classes. It never fails.
ReplyDeleteI'm curious as to how hard Bernie thinks people will work when 90% of their income is confiscated with no loopholes.
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