Forum Post: Interesting graphs: top tax rate vs. unemployment, federal debt
Posted 12 years ago on Nov. 23, 2011, 10:28 a.m. EST by LookAtTheData
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Good graphs of the top marginal tax rate vs. the unemployment rate and vs. the gross federal debt over the years 1948-2010 can be found here: http://taxingthewealthiest.blogspot.com.
The biggest drop in income taxes for the 1% was in the 1980's, not the 2000's.
Every now and then a brave economist with the spine to tell it like it is lays it out with real world statistics. Krugman is right. History proves it.
The top marginal tax rate should be 70%. That's 70% of every dollar reaped AFTER the first $1,000,000 payed in taxes. It worked before. Then some Hollywood actor and his sold out bunch in Congress decided to lower it drastically. It's been low ever since. Along with another truckload of tax breaks and subsidies for the rich and their resprctive corporate golden gooses.
Now, we have 9% unemployment, the highest concentration of American wealth in more than 70 years, and the weakest middle class.
Raise those taxes on the rich!
Thank you. Those who fail to learn from history are doomed to repeat it. Let's keep reminding each other what this history is in order to avoid repeating it. It seems we are repeating mistakes made in the earlier part of the twentieth century, unfortunately. With electronic media and blogs like this maybe we can do better.