Conservatives believe that cutting taxes and social programs leads to more economic growth then somebody who leaves taxes alone (or raises them) and creates more social programs. In fact, doing the latter some cons would say, would lead to a recession.
What good is this theory if cons constantly need to come up with excuses on how it didn't work?
In 1932, the top income tax rate was raised from 25% to 63%. FDR continued the taxing trend. By 1936, the top income tax rate was 79%. All kinds of taxes went up including corporate taxes, estate taxes, and even "excess profit taxes." The social security tax was added in 1935. Taxes were raised again in 1940 and 1941. By the end of the war, the top tax rate was 94%! Not only did top tax rates grow, so did the lower tax brackets. In 1939, only 4 million people payed income taxes. By 1945, 43 million did. In addition (AND MOST IMPORTANTLY) FDR created an "alphabet soup" of "New Deal" social programs including the GI Bill, various work programs, & Social Security. The economy grew 177.51% from 32' to 45'. If you don't include WWII, it grew 88.14% from 32' to 41'.
2007-04-12
00:12:25
·
5 answers
·
asked by
trovalta_stinks_2
3
in
Politics