I dont agree with his conclusions, because I think monetary policy matters more than fiscal policy in recent boom-bust cycles...and capital gains & payroll tax rates....and immigration policy from 1930-1970 was much different than 1970-present.....foreign competition was non-existent in period from 1940-1970...which also coincides with the period when the world was on a gold standard (1945-1970), but having said that---I think this is an interesting article about tax code history. Personally, I think the steepness of the code is more important than how high the top tax rate is. I think the Reagan tax code was too steep, even if the top rate was only 28%. The Reagan belief was that the most important thing was to have a top tax bracket below 30% a la the Laffer Curve which was the idea that there is a point of diminishing returns on tax rates...and about 28% was the top of it. But I think payroll taxes and capital gains tax and corporate income taxes and all sorts of dodges make it difficult to understand and decide. People have different ideas of fairness. I believe all taxes are taxes on TRADE, except tax on inheritance. When a person receives money from an inheritance, he doesnt have to trade anything of value for the money...and its just free money. I dont understand how you can double, triple, even quadruple tax income people work hard for....but then argue that Bill Gates kids shouldnt pay any tax on inheritance income they didnt work for. People can argue that Bill Gates already paid tax on it all they want, but I still dont get it. The company I work for already paid taxes too, before they cut me my paycheck....
Posted on: Tue, 15 Jul 2014 06:34:52 +0000
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