Thomas E. Woods, Jr., is the New York Times bestselling author of 12 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis). A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)

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Still More on the 91% Tax Rate

3rd December 2012      by: Tom Woods     

Not long ago I posted several links (two of them to articles I myself wrote) refuting the “91% tax rates made this country awesome” argument that is making the rounds among the expropriators these days. Bob Wenzel now supplies yet more evidence. It turns out that the effective tax rate of the top 1% during the heyday of the 91% top marginal income tax rate was just over 30%.

Unlearn the Propaganda!

  • Anthony

    The more ammo on this the better… This is one of the issues I come across with the most. Logically, saying that the economy is better if a group of people get to steal more money from another group of people is pretty insane.

  • Anonymous

    Recently while listening to NeoCon chicken hawk radio a caller used this attack against the host (Sean “Israel uber alles” Hannity). I was screaming at the radio for the blockhead Hannity to mention that the effective tax rate was much lower and to point out that the weak relationship between top marginal tax rates and economic growth
    was undermined by other historical data and was only a correlation anyway, not
    a cause and effect process.

    Instead Hannity avoids the question and then sidetracks the issue with another question. He had nothing at all in the way of an answer! This is what stands between us and the left wing rabble, a pack of intellectually bankrupt, completely delusional Zionist
    warmongers. Politically, the Republicans are as dumb as a bag of rocks. This is why the Republican Party will soon be as irrelevant nationally as it is in Crazyfornia.

  • AlistairG

    In 1955 the top rate was 90% on incomes over $400,000–but that is approx $3.8 million in today’s money. It was a tiny portion of the population–less than 0.005% that earned $400,000 in those daysThe current proposal is to increase the rates on people over $250,000 in today’s money.

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