mwdegutis Loc: Illinois

As America approaches the one-year mark without left-wing Savior Barack Obama to wisely guide its way, the U.S. returns to misery. At least, that's the declaration of The Washington Post:

"Extreme poverty returns to America - -The U.N. finds growing numbers of Americans are living in the most impoverished circumstances. How did we get here?"

One very appropriate Twitter response:
2009:
2010:
2011:
2012:
2013:
2014:
2015:
2016:
2017: WHY WON’T TRUMP DO SOMETHING ABOUT ALL THE HOMLESSNESS AND POVERTY!

After a mysterious eight-year absence homelessness is suddenly newsworthy again. Weird.

Hemiman Loc: Communist California

I see a lot less of it where I live,used to have a homeless person on every corner ,now hardly anyone.They used to come in droves especially this time of the year,guess they like the beach at Christmas.

Chocura750

The massive number of homeless in the US is an indication that capitalism as it exists in the US is broken. If capitalism was working properly homelessness wouldn't exist.

Mikeyavelli

Well do the right thing and take them into your home. A good commie like yourself shouldn't hesitate. Just make sure that your bed is rated to hold 30 or more adults, 67 children, and 7 goats for warmth. It's the commie way.

Chocura750

I do help in the support of five families, although I don't believe they would be homeless without it. 60% of our citizens live from pay check to pay check. The 1% possess as much wealth as the bottom 90%. The economic gap started with President Reagan's election. Bringing back the 90% tax rate of the 1950s for the 1% and using the increase in tax revenue for affordable housing would certainly help the homelessness problem.

Crayons Loc: St Jo, Texas

((laughin)) All the Up n' Coming SanFranSicko;Detroit,Baltimore,DC Cardboard Box Dwellin
Progs should share their Bo~x with More Undesirables...

mwdegutis Loc: Illinois

You do realize that when the tax rate was 90 percent that everything including the kitchen sink was deductible when you itemized?

Dummy Boy Loc: Michigan

That's because the police have murdered them all.

Chocura750

Yes, the effective tax rate was 60% when the marginal tax rate was 90%. Today the top rate is 39%, with an effective rate of a lot less (17% ?).

mwdegutis Loc: Illinois

Why don't you do a little research. I realize that it may be hard to find given that many search engines such as Google and Yahoo "bury" information that they would not like you to see but I found this on page 4 of Google...

In the lead up to the 2016 election, Bernie Sanders mentioned that the top marginal tax rates under Eisenhower were over 90%. This has lead many wrongly believe that Bernie Sanders himself planned to raise the tax rates to 90%, when in fact he (as others have done) was merely making the point that a 90% top marginal tax rate didn’t seem to prevent economic growth. However, there does appear to be some confusion, and some people incorrectly believe that this was a flat 90% tax rate under Eisenhower and others.

A top marginal tax rate simply taxes a certain rate above a set income, rather than taxing the entire income. During 1951 the top tax bracket was $400,000 (almost $4 Billion in 2016 dollars). So anything above $400,000 was taxed at 91%. In other words, if someone made $500,000, that last $100,000 was taxed at 90%, not the entire $500K.

It’s commonly stated that no one actually paid the full 90%, either because they found tax loopholes or they simply wrote off more costs. This is a bit of a non-sequitur as tax loopholes exist today as well, and one can argue that few if any actually pay today’s top marginal tax rate of 39%. Needless to say, people with smart financing will find what tax shelters they can, regardless of the tax rate.

In an attempt to minimize the revenues generated by having a top marginal tax rate of 90% or more, many play “hide the ball” by comparing the top (statutory) marginal tax rates against overall effective tax rates (as opposed to comparing statutory and effective top marginal tax rates. Here is a more apples to apples comparison, as this focuses specifically on effective tax rates for top earners.

http://www.factandmyth.com/wp-content/uploads/2017/11/1-percent-effective-tax-rates.jpg

While the top earners were clearly taxed more, even at an effective rate, the disparity is not so wide. Of course, that only takes income tax into account. In reality, the top earners are largely making their money from capital gains, and those tax rates are much lower.

Read more at: http://www.factandmyth.com/taxes/eisenhower-tax-rates-90-percent