If you want another laugh about this whole socialist claim by McFailin, point your browsers to this site: Historical Top Tax Rate.
It’s historical proof (with a few caveats) that the high-end tax rates, the ones that affect the wealthiest Americans, were indeed much higher under Ronald Reagan and Richard Nixon than under Bill Clinton or a future Obama administration. Take a look. In 1944, 94% of the money you made over and above a certain amount (today that amount would be $250,000 for a single filer) was taxed. 91% under Republican president and Operation Overlord war hero Dwight D Eisenhower. 90%?!?!? But they still liked Ike!
Between 77% and 70% was taxed under Nixon and Ford. And 50% for most of Reagan’s term. It’s only from 1987 or so that that rate dropped under 40%. You can argue about changes in the tax codes or the distribution of people amongst the different tax-rate bands historically, but let’s understand that there is nothing about today’s tax rates that can be considered socialist when you compare it to a history of tax rates of the 20th century.
If Joe the Plumber could add, he’d probably have understood this.
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