Taxes and The Economy
The Income Tax policy of our past Presidents FDR (Roosevelt), IKE (Eisenhower), and Truman, I call the 92% tax or invest strategy.
Those taxes were that way to force the wealthy and corporations to invest in the economy. The very high tax rates were not a way to take their money. It was a way to make them invest here in the US.
In order to achieve that they brought the very top marginal rates to 92 and higher percent of income. If a corporation or wealthy person chose not to invest in the economy they would forfeit almost everything they had earned that year. As a result we had the most aggressive and robust economy on Earth.
Normal people had jobs and their taxes made the Country function properly. We had free schools, very low property taxes (under $100 per year), and they were talking about a free medical system for everyone. They could afford to build the entire Interstate Highway system which we can't even afford to maintain.
Ronald Reagan decided to scrap what remained of that approach and let the wealthy people and corporations go income tax free. That, he said, would spur investments. George Bush called it VooDoo economics. Of course it didn't work, it was VooDoo economics for real, What happened is that the wealthy stopped all investments here.
They moved to China instead.
As a result our tax base....all those workers....are now out of work,not paying taxes, and many have lost their homes. But, China is doing fine.
And China, which is doing fine, collects the highest taxes on Earth. They use that money to devalue their own currency and attract more and more corporations to move there.
It's a good thing China doesn't have our President and the Republicans or they would be broke too.
We need to uncut the spending here and tax the corporations and the wealthy. We should return to the intelligent days of FDR, IKE, and Truman when we had the upper crust dealing with the 92% tax or invest strategy. And we had a large population paying income taxes.
PAngiel
Miami, Fl
Those taxes were that way to force the wealthy and corporations to invest in the economy. The very high tax rates were not a way to take their money. It was a way to make them invest here in the US.
In order to achieve that they brought the very top marginal rates to 92 and higher percent of income. If a corporation or wealthy person chose not to invest in the economy they would forfeit almost everything they had earned that year. As a result we had the most aggressive and robust economy on Earth.
Normal people had jobs and their taxes made the Country function properly. We had free schools, very low property taxes (under $100 per year), and they were talking about a free medical system for everyone. They could afford to build the entire Interstate Highway system which we can't even afford to maintain.
Ronald Reagan decided to scrap what remained of that approach and let the wealthy people and corporations go income tax free. That, he said, would spur investments. George Bush called it VooDoo economics. Of course it didn't work, it was VooDoo economics for real, What happened is that the wealthy stopped all investments here.
They moved to China instead.
As a result our tax base....all those workers....are now out of work,not paying taxes, and many have lost their homes. But, China is doing fine.
And China, which is doing fine, collects the highest taxes on Earth. They use that money to devalue their own currency and attract more and more corporations to move there.
It's a good thing China doesn't have our President and the Republicans or they would be broke too.
We need to uncut the spending here and tax the corporations and the wealthy. We should return to the intelligent days of FDR, IKE, and Truman when we had the upper crust dealing with the 92% tax or invest strategy. And we had a large population paying income taxes.
PAngiel
Miami, Fl
