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Top Marginal Tax Rates Over Time

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"Top Marginal Tax Rates Over Time"

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Via Steve Benen, John Cole has a chart that puts Barack Obama’s economy-destroying tax cuts in their proper context:

top_rates.jpg

As we can see here, the United States has enjoyed three periods of prosperity over the past 100 years—there was the late-1920s, the late 1980s, and the 2000s. For the rest of our history, the entire period from FDR through to early Reagan, and then again in the dark days of Bill Clinton, we suffered from cataclysmic stagnation because “soak the rich” policies left businesses without incentive to invest. Our talented citizens unfortunately, but understandably, dediced to “go Galt” en masse and the economy stagnated.

And yes, please pay no attention to the fact that the three periods of ultra-low taxes were followed by a budget crisis (Reagan) and catastrophic global economic collapse (Coolidge-Hoover, Bush).

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