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I was mostly talking about the explosive growth in the US between 1850 and 1910, and referring to the fact that nobody in high brackets actually paid those rate
by ameister14 9y ago
I was mostly talking about the explosive growth in the US between 1850 and 1910, and referring to the fact that nobody in high brackets actually paid those rates as real tax rates.
There were so many write-offs and loopholes then that it was more a sop to the working class to let them believe the rich were paying for things.
Yes, it is possible to have strong growth with high nominal income tax rates - it's also possible to have strong growth WITHOUT high income taxes. The point you made that I objected to most strongly was the idea that income taxes were absolutely necessary to prevent recessions and were the main cause of growth. That hasn't been proven by history and I would say has been soundly disproven.