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Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Are we getting the right information about tax increases for the wealthy?

The media has been obsessing about President Obama's plan to roll back the Bush tax cuts for the wealthiest Americans—from 35% to 39.6%—even asking if that makes him a socialist.

But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.

Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!

Shocking, right? And for all the whining about rolling back Bush's irresponsible tax cuts, the truth is that Obama's plan cu

2 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    I think we should tax inheritance 100% if the money is not for education, health care or housing. I think the means of making money ( a family business for instance) should not be taxed, but the money made from that business should only be for the person making a living off that business. Any excess when they die should be taxed at 100%.

    I think inheritance and trust funds ruin more people's lives than help. Everyone should be able to make it on their own.

    I think the rich should be taxed out of existence. How many shoes, homes, etc. do you need? There's no reason why one person should have 40 Billion dollars when children are dying of hunger every day.

  • ferino
    Lv 4
    5 years ago

    so as meaning Kennedy and Nixon shrink taxes to get all of it the way down to 70% from ninety one%. Reagan shrink the authentic marginal cost from 70% to at last 28% after his 2d term. and then, Bush I and Clinton at last raised the tp marginal cost returned as much as 39.6%. And GW Bush shrink it circulate into opposite to 36%. yet... And here is the vast yet... no longer purely will the authentic marginal tax cost expire and circulate returned up under Obama, yet so will all of the different tax fees that Bush shrink besides. So the present 10% bracket the poorest human beings pay will circulate returned as much as fifteen%. The 25% bracket will circulate returned as much as twenty-eight%. and the 28% will circulate up besides. although, that's no longer why we evaluate Obama a socialist. the actual incontrovertible fact that he needs the government to grant all human beings's wellbeing care and coaching each of how as much as the college point are starters as to why we predict of he's a socialist.

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