70% tax rate
I was reading an Andrew Sullivan post from 3 years ago (via Kerry Haters) and I thought that it would be prudent to call something to the attention of those too young to remember the malaise of the Carter years:
Reagan stood for two simple but indisputably big things: the expansion of freedom at home and the extinction of tyranny abroad. He achieved both. When he came to office, top tax rates in the United States were in the 70 percent range. Against the odds, Reagan slashed the top rate to 28 percent and ignited an economic boom that, in some respects, is still with us. Bill Clinton nudged taxes up a little, but to nowhere near the levels of the Carter's America, and all signs now point to a reduction this year back to Reagan levels.
Yes, kids, that's not a typo. 70 Percent
And if you think that's bad, you should take a look at this table that summarizes the federal tax rate data over the last century. Make no mistake, if Reagan hadn't been elected, if he had never cut taxes like he did, you wouldn't be sitting in front of that nifty personal computer right now.
It's a great article, check it out. Reagan was right about almost everything.
Posted by jkhat at June 6, 2004 07:23 PM
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|# March 7th, 2005 6:48 PM Converted_Comment|
I can't believe people didn't literally take up arms against the government with those tax rates. I'm just going to assume that there was wholesale cheating.