Quote:
Originally Posted by TheDoc
Are you trying to say that raising taxes created the Great Depression or that lowering it got us out? Because neither is true.
What about all the other times tax rates were way higher? Easily half of the last decades taxes were higher than the peak they hit and we didn't drop into a depression, economy didn't fail, business didn't stop doing business and the world didn't end.
If you want the facts..
http://www.taxpolicycenter.org/taxfa....cfm?Docid=200
http://www.truthandpolitics.org/top-rates.php |
We were on a gold standard until 1971 so printing money was not an option like it is now. If money was needed taxes went up. We were also a creditor nation. We were lending money to other countries and not borrowing like now. Also, our actual tax rate is not entirely accurate because we are taxed through inflation now more so than ever. $1 in 2010 was worth $0.18 in 1970. There was also WWI and WWII to pay for and the US largely funded the rebuilding of Europe after WWII.
The bottom line is the problems we face now were not in any way caused by tax cuts nor was Great Depression 1.0 and anyone saying so is misinformed.