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> When America was strongest, we had a large and increasing middle class, and the top marginal tax rate was above 70% - it was in the 90s. I think you got this

> When America was strongest, we had a large and increasing middle class, and the top marginal tax rate was above 70% - it was in the 90s. I think you got this wrong. According to my sources the highest marginal income tax rate was 39.6%. It was during the 50s, 60s, and 70s that it never dipped below 70%. Source: https://bradfordtaxinstitute.com/Free_Resources/Federal-Income-Tax-Rates.aspx#:~:text=During%20the%201990s%2C%20the%20top,percent%20from%202003%20to%202010. https://bradfordtaxinstitute.com/Free_Resources/Federal-Inco... The other thing is that different dimensions of the economy and other societal aspect have different lagging effects so you cannot simply assume causation or correlation between things during the same time frame.

didgetmaster 1y ago
The 'tax the rich' crowd loves to quote the top marginal rates from 50 years ago; but did anyone ever really pay those rates? Tax shelters were common in those days with the rich paying accountants and tax attorneys to find ways of avoiding those astronomical rates.
- analognoise 1y ago
  Some people tried to evade the system - that’s why we have helicopters. We can just grab them and bring them to court, no problem. I don’t think “some people didn’t abide the rules” is reason not to make sensible laws.
  - crossbody 1y ago
    Yeah, sure, helicopters is all you need to catch millions of sophisticated tax evaders using semi-legal loopholes developed and implemented by professional accountants and lawyers. Read about Laffer Curve for a start.
    - immibis 1y ago
      > Read about Laffer Curve Your comment lost all credibility right here
      - analognoise 1y ago
        Agreed; it’s an embarrassing argument.
    - analognoise 1y ago
      The Laffer Curve is frequently cited by the same people who refuse to see the failure of conservative-style economic policy over the last 40 years, for some reason. It’s clear all that “don’t tax the rich, they create jobs!” Is just trash. Noise. We have 40 years of data, it doesn’t work. But still, someone ignores all that to tell me the Laffer Curve, every time. What’s also amazing is that they don’t really understand it themselves. Wild.
      - didgetmaster 1y ago
        So we have 40 years of data that clearly shows that advocating for reasonable tax rates for the wealthy "doesn't work"? I world love to see the detailed analysis that proves that! Even the most staunch conservative wants the rich to pay their "fair share" of taxes. The only legitimate debate is about what constitutes 'fair'. The flat tax advocates will at least give you a real number (10%, 15%, or even 20%). Progressives will never give you a number. Why?
      - crossbody 1y ago
        So you disagree with the core principle behind Laffer Curve? Lots of totally baseless assumptions and accusations in your comment. I wonder where on Dunning-Kruger curve you are at regarding this topic.
  - didgetmaster 1y ago
    There is a big difference between tax evasion (illegal) and tax avoidance (completely legal). Many of the tax shelters and loopholes utilized by the rich when top marginal rates exceeded 50% were completely legit.

didgetmaster 1y ago

The 'tax the rich' crowd loves to quote the top marginal rates from 50 years ago; but did anyone ever really pay those rates? Tax shelters were common in those days with the rich paying accountants and tax attorneys to find ways of avoiding those astronomical rates.

analognoise 1y ago
Some people tried to evade the system - that’s why we have helicopters. We can just grab them and bring them to court, no problem. I don’t think “some people didn’t abide the rules” is reason not to make sensible laws.
- crossbody 1y ago
  Yeah, sure, helicopters is all you need to catch millions of sophisticated tax evaders using semi-legal loopholes developed and implemented by professional accountants and lawyers. Read about Laffer Curve for a start.
  - immibis 1y ago
    > Read about Laffer Curve Your comment lost all credibility right here
    - analognoise 1y ago
      Agreed; it’s an embarrassing argument.
  - analognoise 1y ago
    The Laffer Curve is frequently cited by the same people who refuse to see the failure of conservative-style economic policy over the last 40 years, for some reason. It’s clear all that “don’t tax the rich, they create jobs!” Is just trash. Noise. We have 40 years of data, it doesn’t work. But still, someone ignores all that to tell me the Laffer Curve, every time. What’s also amazing is that they don’t really understand it themselves. Wild.
    - didgetmaster 1y ago
      So we have 40 years of data that clearly shows that advocating for reasonable tax rates for the wealthy "doesn't work"? I world love to see the detailed analysis that proves that! Even the most staunch conservative wants the rich to pay their "fair share" of taxes. The only legitimate debate is about what constitutes 'fair'. The flat tax advocates will at least give you a real number (10%, 15%, or even 20%). Progressives will never give you a number. Why?
    - crossbody 1y ago
      So you disagree with the core principle behind Laffer Curve? Lots of totally baseless assumptions and accusations in your comment. I wonder where on Dunning-Kruger curve you are at regarding this topic.
- didgetmaster 1y ago
  There is a big difference between tax evasion (illegal) and tax avoidance (completely legal). Many of the tax shelters and loopholes utilized by the rich when top marginal rates exceeded 50% were completely legit.