I would also note that:
* The state, local, and sales taxes were much lower. Today, if the Fed Gov took 91%, the top bracket would have an effective tax rate above 100%.
* This maximum bracket, in your article, was applied to the .01%. That’s billionaires, not millionaires and billionaires, or $250,000 in annual income-aires. Krugman would push very high tax rates down to the 1 or 2% level. The .01% is a much rarer bird.
This article provides the historical background for Krugman’s position. i wonder if Krugman would like all the other things that made up the 1950’s? Polo, nuclear bomb drills, and lets not even think about civil rights and feminism.
With the generous deductions available in the 1950’s no one actually paid 91%, in fact the wealthy could often reduce their rates to near zero using some creative accounting measures.
I believe Krugman knows this and is just simply a chronic liar with an agenda.
I’ve had this arguement with Krugman loving liberals. They are ignorant about what grows the private sector. They fully embrace the idiocy of You Didn’t Build That. They’re Marxists who deny the label.
I read Krugman’s article yesterday. His glaring omission of what happened after the tax rate was lowered down from 91% is either by choice or stupidity.
He’s not an economist. He’s an Econo-propagandist and deserves his noble prize in economics as much as Obama deserved his noble peace prize.
Krugman won an Academy Award or something for figuring out that two-bits is the same as a quarter. The man’s a genius.
No wonder they vote for Communism....they've been taught about "Mean White Rich Guys", and "you have Rights to what others earned".....
The following opinion is based on information found in the first chart contained at the following link.
http://www.deptofnumbers.com/blog/2010/08/tax-revenue-as-a-fraction-of-gdp/
Since 1960, tax revenues collected at a federal level have averaged 15-20% of GDP. This average has held pretty much constant over a 50 year period that has had many changes to tax codes and tax rates. So, what can we get from this? In the same way that 15% of $100 is $15, and 15% of $200 is $30, we see that the real way to increase tax revenues is by expanding GDP. You expand GDP by making is easier for business to prosper, so they can hire more people, who spend money on stuff, which makes other business grow, and so on and so forth.
This is easy, simple, math and economics, but it will never happen with the current anti-business administration.
Krugman is a very angry little man. On top of it I bet he uses every deduction known to the tax codes to keep the government out of his pocket.
Cum Hoc, Ergo Propter Hoc.
What does he mean by “marginal tax rate”?
No deductions. Your 1040 could be filled out in two minutes.
What did you earn? Now move the decimal two places to the left and that is your tax.
No other taxes. No FICA. No Medicare. Just one simple tax.
Revenue would go through the roof and we probably would be able to grow ourselves out of this hole.
They will never do it because the reason for taxes is not to gain revenue for the government, it is to control your actions.
Whenever I post at libtards websites that have a Krugman article.... I refer to him as “ keyboard jockey “
Man... It ruffles their feathers...
The US had immense opportunity then.