I came across this interesting chart from Visualizing Economics that shows how marginal tax rates have varied over the last 100 years or so.
Aug 16 2011
Marginal tax rates
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2 comments
Somite
August 16, 2011 at 5:17 pm (UTC -4) Link to this comment
Also interesting: recessions generally follow a republican president.
Richard Frost
August 16, 2011 at 8:20 pm (UTC -4) Link to this comment
Funny how those low rates in the 1920′s preceded the Great Depression, isn’t it? Aren’t tax cuts supposed to stimulate the economy by encouraging “job creators” to go out and “create”? Supply-siders love telling us that cutting taxes both increases GDP and boosts revenues, but they conveniently elide this rather important period in U.S. history.
Republicans won’t rest until the rates look like they did after WWI (assuming they can’t repeal the 16th Amendment, which Rick Perry has advocated). Why on earth would we want to go back there? It’ll turn out differently this time, right?