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Are Taxes Historically High or Low?

Feb 10, 2012 - Tags:

Okay, so it's 2012 and you can expect a regular rhythm of postings that are... well... political.

== THE GREAT FURY OVER TAXES ==

To listen to Republicans, you would think we have the most oppressive tax rates ever, with the federal government hogging ever larger portions of the national economy.  Ever hear of Orwellian anti-truth?  That is where you repeat the exact opposite of the truth and people start believing it.

Top Federal Marginal Income Tax Rate from 1913 to 2011

But drop by and look at the actual facts. See thiscompilation of income tax rates.. Tax rates are at historic lows. And  this is for earned income. Rates for dividends and capital gains are even lower - byhalf - than what you see in the figure!

In the 99 years that we have had the income tax, rates for top earners were lower than they are today only twice: 

1)  during the 5 years before the US entry into the First World War in 1917, and

2) during the brief stretch from 1925 through 1930... when a massive asset value bubble pumped the economy into the Great Depression. Also note this. They are LOWER for the middle class, under Obama, than they were under Bush. The "Obama tax hikes" are purely mythical.

Source : Contrary Brin : Read the whole article here.

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