The socialist within

It’s Friday night in this side of the Western hemisphere, so, what the heck. I think you might find it funny. Here’s a bit of U. S. public debt history.

Does the average tea-party fan know better?

Found via The Big Picture.

4 Responses to The socialist within

  1. Alan Gunn says:

    OK, but what’s missing here is the fact that when the rates were in the stratosphere, nobody paid them because you could easily shelter your income. The Tax Reform Act of 1986 dropped the top rate to 33% (nominally 28%, but there was a 5% “phaseout” on top of that), and the top corporate rate from close to 50% to about 34%. This, because of closing most of the tax shelter loopholes and cutting back on a lot of corporate deductions, was a huge rate increase. I know of a couple of doctors who were furious because, for the first time in their lives, they were paying income taxes. Those 90% top rates were pure make-believe.

  2. Dean Jackson says:

    Conveniently ignores that earlier periods also had more deductions, credits, and other loopholes. More interestingly, only slides over the fact that those higher marginal rates did not bring in more taxes as a percentage of GDP than the lower rates.

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