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How has the Income Tax contributed to the economic crisis of 2008?
PaulaGem
When the working person bears an unfair burden of taxation creativity, energy and the ability of the country to produce are eroded. The greatest periods of productivity and advancement in this country came from the time when people could carve out good life for their family simply by working hard. This time is gone. The listing below is important because it shows how the tax burden on the most wealthy has been adjusted to pre depression levels at this time. Tax brackets have also been lowered so the maximum tax is paid by the well to do, not just the really rich. The inverse correlation of taxing the rich to the economic health of this country actually predicts that the 2008 bailout will contribute to the economic crisis, not help it. Please see the links in the related question: What is the main cause of the current economic crisis in the US? for references and statistical documentation. 1909-1913 William Howard Taft (R) and the begining of income tax.
Top Mairginal Tax Rate 7%
1913-1921 Woodrow Wilson (D)
Top Mairginal Tax Rates during his administration
7%,7%,7%,15%,67%,77%,73%,73%,73%
1921-1923 Warren G. Harding (R)
Top Mairginal Tax Rates during his administration
73%,58
1923-1929 Calvin Coolidge (R)
Top Mairginal Tax Rates during his administration
43.5%,46%,25%,25%,25%,25%,24
1929-1933 Herbert Hoover (R)
Top Mairginal Tax Rates during his administration
24%,25%,25%,63%,63 1933-1945 Franklin D. Roosevelt (D)
Top Mairginal Tax Rates during his administration
63%,63%,63%,79%,79%,79%,79%,81%,1%,81%,88%,88%,94% === === 1945-1953 Harry S. Truman (D)
Top Marginal Tax Rates during his administration
94%,86.45%,86.45%,82.13%,82.13%,84.36%,91%,92%
1953-1961 Dwight D. Eisenhower (R)
Top Marginal Tax Rates during his administration
92%,91%,91%,91%,91%,91%,91%,91%
1961-1963 John F. Kennedy (D)
Top Marginal Tax Rates during his administration
91%,91%,91% In 1965-1982 the top tax level started at around $200,000. This was done to pay for the Vietnam war and the "Great Society". The lower top rate threshold helped to make up the shortages caused by lowering the rates on the most wealthy.1964-1969 Lyndon B. Johnson (D)
Top Marginal Tax Rates during his administration
77%,70%,70%,70%,75.25%
1969-1974 Richard M. Nixon (R)
Top Marginal Tax Rates during his administration
77%,71.75%,70%,70%,70%,70%
1974-1977 Gerald R. Ford (R)
Top Marginal Tax Rates during his administration
70%,70%
1977-1981 Jimmy Carter (D)
Top Marginal Tax Rates during his administration
70%,70%,70%,70% 1982-1986 $106-171,000
1987 $ 90,000
1988 to 1990 approx 30,000
1991 to 1993 approx 80,000
1981-1989 Ronald Regan (R)
Top Marginal Tax Rates during his administration
69.125%,50%,50%,50%,50%,38.5%,28% 1989-1993 George H.W. Bush (R)
Top Marginal Tax Rates during his administration
28%,28%,31%,31% (haven't found current numbers yet). 1993-2001 Bill Clinton (D)
Top Marginal Tax Rates during his administration
39.6%,39.6%,39.6%,39.6
2001-2009 George W. Bush
Top Marginal Tax Rates during his administration
39.1%,38.6%,35 (only through 2003)
2008 - 35% found in NYT article, no futher info yet
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∙ 15y ago
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