Bring back the 91% tax rate

[Hobbes]

I will say this about the 91% rate of the 50's:

We were paying off the debt from WW2.
Lots of people found ways around those rates. Movie stars like Clark Gable for example formed their own corporations so they could pay the corporate tax rate instead of the personal income tax rate.
This country did amazing things back then including not only the interstate highway system but thousands of dams and watersheds, rural electrification, major research in science and medicine, a budding space program and more.

Art Laffer of the Reagan administration is the "economist" that convinced everyone that a tax cut always pays for itself and increased economic activity would create lots of jobs.
Well, we have even lower tax rates than under Reagan and where are the jobs?
Personally, I think we've all been snookered into giving people at the top the lowest rates they have had in 70yrs and now they are going to snooker us into sacrificing our SS and Medicare benefits to pay for it.

 

[CHenry]

I will say this about the 91% rate of the 50's:

We were paying off the debt from WW2.
Lots of people found ways around those rates. Movie stars like Clark Gable for example formed their own corporations so they could pay the corporate tax rate instead of the personal income tax rate.
This country did amazing things back then including not only the interstate highway system but thousands of dams and watersheds, rural electrification, major research in science and medicine, a budding space program and more.

Art Laffer of the Reagan administration is the "economist" that convinced everyone that a tax cut always pays for itself and increased economic activity would create lots of jobs.
Well, we have even lower tax rates than under Reagan and where are the jobs?
Personally, I think we've all been snookered into giving people at the top the lowest rates they have had in 70yrs and now they are going to snooker us into sacrificing our SS and Medicare benefits to pay for it.

This^^^^

 

[BBurt]

I`m new to OSA, just started today, and caught this thread first thing, WOW, you talk about things I hear very little about. I really liked the things Hobbes had to say. I was around during the Reagon years and before, and Art Laffer convinced Reagon to lower taxes his first year but Reagon spent his next seven years raising taxes eight times to make up for the disaster to the Debt it caused. That is what I loved about Reagon, first he was an American.

 

[CHenry]

I`m new to OSA, just started today, and caught this thread first thing, WOW, you talk about things I hear very little about. I really liked the things Hobbes had to say. I was around during the Reagon years and before, and Art Laffer convinced Reagon to lower taxes his first year but Reagon spent his next seven years raising taxes eight times to make up for the disaster to the Debt it caused. That is what I loved about Reagon, first he was an American.

Welcome B
Its ReagAn...lol

 

[BBurt]

sorry about the mispell (Reagan) Freudian slip perhaps.

 

[CHenry]

sorry about the mispell (Reagan) Freudian slip perhaps.

I rely on Google Chrome spell checking as I type...

 

[CHenry]

So who do you want to believe? ..

You might be right, this site (more truthful maybe) contradicts my other source.
http://www.politifact.com/texas/sta...l-mccaul-says-us-corporate-tax-rate-worlds-h/

 

[Hobbes]

Large corporations don't pay those top rates.
They have numerous deductions and loopholes that make their effective tax rates into the teens and sometimes lower. (see GE )

It's the small corporations and companies that get hammered with the top corp tax rate.
If you made it say 20% and eliminated all the loopholes it would be a big tax cut for the small companies and a tax increase for the multinational corps.

 

[BBurt]

We have a corporate tax rate of 35% but their effective tax rate with all the deductions and loop hole is only 12% according to time mag But there is another source of federal revenues that receives less attention: corporate income taxes. According to the Wall Street Journal’s recent study of Congressional Budget Office numbers, corporations are paying an effective rate of 12.1%, the lowest in at least 40 years. So why are some of the biggest and most powerful entities in our society getting away with paying so little? The story is complicated, but the biggest factor in the recent collapse in corporate tax receipts appears to be a set of tax breaks built into recent stimulus efforts.

Read more: http://business.time.com/2012/02/06...business-paying-its-fair-share/#ixzz2Cn9wyF5Y