Here (Hat Tip: Rush)
I briefly caught wind of this chart on Rush's show today. But it dumbfounds me how high the tax rate was during the early 80's when Reagan took office (70% for those earning over $212K). Reagan was successfully able to lower the upper limit next to 50% to those earning $106k or more and left office with the highest bracket at 38.5% for those that made $90k or more. I cannot even fathom having to pay that much taxes on top of trying to borrow during that time period (interest rates were high back then, much higher than our current "neutral" rate). One website I found stated mortgage rates were as high as 15%-16%, could you imagine trying to buy a house? No wonder home ownership is at an all-time high. One can only come to the conclusion that today's economy/market should be extremely grateful for Ronald Reagon. I can not think of another reason as to why our economy has been doing so great over the past 15-20 years.
No comments:
Post a Comment