This is a spinoff of some thoughts I had while reading the What Do We Know About Bernie Sanders thread, I didn’t want to derail, but am curious about your opinions.
I followed this link and then followed a couple links in the article (posted in the Bernie Sanders thread). That got me to thinking about the 90% tax deal.
I went to this site: http://taxfoundation.org/sites/taxfo...ry_nominal.pdf and what I found generated some questions and observations about America.
I favor a flat tax or national sales tax, I am not in favor of 90% taxes for anyone, but, I have to ask myself, what changed America’s people over the course of a century?
From 1935 onward the highest tax rates were above 63%; beginning in 1937 they were above 80%, hitting 94% in 1945, and staying above 90% until 1964; in 1964 the rate dropped to 74% and remained at 70% until 1982 when it dropped to 50%; it remained at 50% until 1987 when it dropped to 38.5%.
During this period America became the most powerful Nation on the earth, our manufacturing capability was second to none; the interstate highways were built, what was different then than now? Just what was bad about America during this period, civil rights aside?
A simplistic look at the National Debt for the last 90 years shows that those tax rates were busy paying down the Debt in a businesslike manner. Korea created a bump, as did VN and the ‘Great Society’ but National Debt as a percentage of GDP went below 33% in 1973 and stayed below 33% until 1982’s recession. Since then it has steadily risen, the Clinton administration saw a 10% drop in debt as % of GDP over their 8 years, but the GWOT signaled another rise, which we all realize has continued.
A lot has changed over those years, but what fundamentally changed the outlook of America, what changed us to a Nation of ‘what is in it for me, instead of what is in it for us?’
As I wrote this I fully realized it sounds kind of kumbaya, but I genuinely an curious, what changed our mindset? Was it cable news; was it a more educated population; or are the baby boomers and their progeny just assholes, what changed?
Repeating: I favor a flat tax or national sales tax, I am not in favor of 90% taxes for anyone, but, I have to ask myself, what changed America’s people over the course of a century?