Eisenhower (a Repub) taxed the rich at 90%.
Edit by myp: This thread is a split from: http://www.politicalfray.com/showthread.php?p=37264
Eisenhower's 92% tax rate
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Eisenhower (a Repub) taxed the rich at 90%.
Edit by myp: This thread is a split from: http://www.politicalfray.com/showthread.php?p=37264
Half-truth Alert.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do.
The marginal rate was 90%. What was the effective rate? Do you know? I am willing to place a bet that it was around 20%.Eisenhower (a Repub) taxed the rich at 90%.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do.
He said they only payed 20%. I'm asking for proof (and it doesn't change the fact that a Repub taxed the rich at 90%, no Dem ever has).
Here are the effective individual income tax rates under Eisenhower.
$200,000-$500,000 group: Tax as Share of Amended AGI (%)
1953 = 45.9
1954 = 39.3
1955 = 36.8
1956 = 37.4
1957 = 38.6
1958 = 36.9
1959 = 33.8
1960 = 33.1
1961 = 31.5
$500,000-$1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 46.3
1954 = 38.7
1955 = 35.6
1956 = 36.7
1957 = 36.6
1958 = 36.0
1959 = 32.1
1960 = 30.8
1961 = 29.1
Over $1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 49.3
1954 = 38.8
1955 = 35.8
1956 = 36.1
1957 = 40.0
1958 = 33.1
1959 = 30.6
1960 = 31.3
1961 = 27.2
SOURCE: William Williams, The Changing Progressivity of the Federal Income Tax, National Tax Journal (1964)
$200,000-$500,000 group: Tax as Share of Amended AGI (%)
1953 = 45.9
1954 = 39.3
1955 = 36.8
1956 = 37.4
1957 = 38.6
1958 = 36.9
1959 = 33.8
1960 = 33.1
1961 = 31.5
$500,000-$1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 46.3
1954 = 38.7
1955 = 35.6
1956 = 36.7
1957 = 36.6
1958 = 36.0
1959 = 32.1
1960 = 30.8
1961 = 29.1
Over $1,000,000 group: Tax as Share of Amended AGI (%)
1953 = 49.3
1954 = 38.8
1955 = 35.8
1956 = 36.1
1957 = 40.0
1958 = 33.1
1959 = 30.6
1960 = 31.3
1961 = 27.2
SOURCE: William Williams, The Changing Progressivity of the Federal Income Tax, National Tax Journal (1964)
I am not sure what the source of tecoyah's chart is- those might be effective rates. It is well known though that Eisenhower kept Truman's tax on the highest bracket at 92% and later it was reduced under his administration to 91%.
Effective tax rates for the "Rich"
Earlier I wrote, "The marginal rate was 90%. What was the effective rate? Do you know? I am willing to place a bet that it was around 20%.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do."
Earlier I wrote, "The marginal rate was 90%. What was the effective rate? Do you know? I am willing to place a bet that it was around 20%.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do."
I can provide some anecdotal evidence. Here is my first shot at what the very rich paid. Based on this graph it looks like their tax burden was below 20%:
The effective rate is going to depend on how much income the person made obviously and if you want to include all gains you have to include capital gains too. I highly doubt most of the people who made it to the top bracket paid an effective rate of 20% considering even the capital gains tax was at 25%.
But both of you (David and misterveritis) are exaggerating in favor of your respective positions I think.
But both of you (David and misterveritis) are exaggerating in favor of your respective positions I think.
Effective tax rates for the "Rich"
Earlier I wrote, "The marginal rate was 90%. What was the effective rate? Do you know? I am willing to place a bet that it was around 20%.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do."
Earlier I wrote, "The marginal rate was 90%. What was the effective rate? Do you know? I am willing to place a bet that it was around 20%.
You guys love to tell half-truths. I would respect you more if you told the whole story. You never do."
I can provide some anecdotal evidence. Here is my first shot at what the very rich paid. From the graph it looks like the amount they provided to the US government as a percentage of the total went from around 4% under Eisenhower to around 12% today. Shall we return to Eisenhower's tax laws?:
Simple lies and more complicated lies.
The point is that some people really like to misrepresent the facts in order to make their points. The fine art of politics has always bee to extract the greatest amount of wealth from the populace without causing people to flee.
When the rates are punitive people will find alternatives to this country.
I suspect that is a table of marginal rates at each income level. Note that the table talks about adjusted gross income levels. Those are what someone would pay for each of those amounts after all of their deductions.
The point is that some people really like to misrepresent the facts in order to make their points. The fine art of politics has always bee to extract the greatest amount of wealth from the populace without causing people to flee.
When the rates are punitive people will find alternatives to this country.
I hate this software.misterveritis, why did you basically make that same post twice? Also, you know that that graph says nothing about taxes right? Might want to read it first before posting it
It makes a great point to show that for the very rich they are providing three times more as a percentage to the government in taxes paid now than they were under Eisenhower's 91% tax rate. It is a simple measure to prove that some people like to tell only part of the story.
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