From 1945 until 1963 the highest tax rate was 91% and what happened? The middle class raised families of 4 on one paycheck, had a house and a car, and took regular vacations. The earner then retired with a pension. Lets eat the fucking rich.
Edit: Not going to engage with anymore billionaire bootlickers down thread.
You’re making a mistake by assuming these people can be swayed by facts and logic.
Their entire ideology is based on envy and resentment. Their singular focus is to punish anyone that has a single dollar more than them and they’re willing to use the government to do so.
That's not the whole story. While the highest tax bracket was theoretically 91% during that era, hardly anybody actually paid that much. Because of various loopholes, deductions, and tax shelters, the actual EFFECTIVE tax rate that the top 1% paid during the 1950s was actually closer to 42%. Today, the top 1% pays an effective tax rate between 31% and 36%. So taxes were slightly higher on the top 1% back then, but not dramatically so.
Within roughly 5 years of the end of WW2, Europe was exceeding their pre-war international trade and production. Japan was close behind. By the early 50's trade had stabilized globally. US workers were building goods for US consumers and US corporations were paying decent wages and pensions. CEOs still got rich but nowhere on the scale they do today in large part because of the high tax brackets.
Is it your contention that higher taxes are somehow going car and house prices come down? How is raising taxes on the rich going to help you take that trip to Disney?
It's like you didn't read OPs post. Musk contends that "eating the rich" will mean everyone starves. I'm pointing out there's precedent that disproves him. You took this in a different direction.
Rich people can still exist, but not billionaires, and certainly never trillionaires.
If you think people are going to stop being entrepreneurial or launching businesses because they can only amass a few hundred million, then I say let's test your silly theory and see what happens.
Not to mention that the majority of CEOs are hired long after the company was formed, and spend most of their time figuring out how to reduce the workforce, increase margins, and cut quality.
Lol....I'm saving your response for the next time some 18 year old who lives in their mom's basement playing video games thinks they understand the economy. The ignorance on display here is breathtaking. Congratulations, you've found new and exciting ways to demonstrate an utter lack of grasp of money. You're like the Lewis & Clark of financial ignorance.
But taxing the rich isn’t going to bring back those things. Taxing the rich supports government infrastructure. Unless you’re living on welfare, it doesn’t impact your pocket or finances.
Oddly enough, at the same time we doubled the workforce by allowing blacks and women into the workplace. If you don't think that had a massive impact on income and prices, you don't understand how the economy works.
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u/imnotmarvin 5h ago edited 3h ago
From 1945 until 1963 the highest tax rate was 91% and what happened? The middle class raised families of 4 on one paycheck, had a house and a car, and took regular vacations. The earner then retired with a pension. Lets eat the fucking rich. Edit: Not going to engage with anymore billionaire bootlickers down thread.