The reason people didn't pay the 91% is because they reinvested their income back into their businesses or invested in other businesses pre-tax which created a tremendous amount of growth in employment and created wealth in the form of business equity for the wealthy.
Is it possible for the USA to have a thriving middle class it had during the post WWII era until the 1970s? After WWII the Europe and Asia were on their backs, it wasn't any real competition, since that is no longer the case, isn't the middle class dream gone forever?
@shifragri I would imagine not considering how much money the United States makes. There's enough for every single citizen in the US, young and old, to receive 45 to 50k a year if completely split evenly. But I suppose it also depends on what kind of economy we have, too. If we started to actually produce things again, the more likely more people would get more money. My 2 cents, anyway
The reason people didn't pay the 91% is because they reinvested their income back into their businesses or invested in other businesses pre-tax which created a tremendous amount of growth in employment and created wealth in the form of business equity for the wealthy.
oldsmartypants 1 month ago
Wolff is right about the 91%, but no one ever actually paid that rate because of the deductions that were available at the time.
DaHonestAbe 2 months ago
@DaHonestAbe do you know what the average rate that was actually paid was?
shifragri 2 months ago
@shifragri Between 25 and 35 percent if I remember correctly.
DaHonestAbe 2 months ago
@DaHonestAbe Do you remember any sources?
ReluctantZer0 2 months ago
@ReluctantZer0 Nothing off the top of my head.
DaHonestAbe 2 months ago
Prof. Wolff:
Is it possible for the USA to have a thriving middle class it had during the post WWII era until the 1970s? After WWII the Europe and Asia were on their backs, it wasn't any real competition, since that is no longer the case, isn't the middle class dream gone forever?
shifragri 2 months ago
@shifragri I would imagine not considering how much money the United States makes. There's enough for every single citizen in the US, young and old, to receive 45 to 50k a year if completely split evenly. But I suppose it also depends on what kind of economy we have, too. If we started to actually produce things again, the more likely more people would get more money. My 2 cents, anyway
ReluctantZer0 2 months ago
@ReluctantZer0 Thanks for your reply, gives me more things to consider.
shifragri 2 months ago