Today the taxes top off around 35% for the same wealth rather than 90%, and that is a significant change that should have had an effect on work and supposed relationships in improving business, as the GOP like to say it would do, but no!
It didn't do that at all.
Also, today the top level of capital gains tax rate is only 15% although in the 1950's and 60's it was 25% and then went up to 35% in the 1970's.
Our economy has not gotten better because of the huge cuts in taxes as you can clearly see for yourselves.
There are people in the top CEO type jobs getting humongous multi-million dollar bonuses and retirement plans that are nearly as much as the whole group of workers in the company will get.
That is where the money is going - to the rich from the rich, and it stays in the top 1% of the wealthy people in the USA.
Lately we can see our wealthy are investing in overseas banks, in foreign businesses, etc. as well as hiding billions in non-communicative banking systems.
The information here comes from the IRS and tells us that the percentage of money going to the top 0.1% of U.S. people went up from 4.2% in the mid 1940's to 12.3% in the year 2007.
We had a recession afterwards, and until 2009, the percentages went to 9.2%.
Of course, the government worked it out that the top earners in the 1% group went from 50% tax to 25% tax. Sounds fabulous if you are a 1%'er.
This is the proof that lowered tax for the wealthy does not solve our economic crisis, and they can handle a higher tax as they had in the past and will again in the future if the Dems get into their pockets with tax legislation.
Politics kicks in here, and we don't know what the future will bring onto us with tax legislation for sure until we have more elections and know the change in the balance of power in our government, GOP or Dems.
Who will win means whether the 1% get more money or the 99% get a fair share of income from working 40 hours a week or more in a lot of cases.
Roger Chartier - The Author