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How did the high (90%) tax rates for the wealthy, during WWII recovery damage the country?
If increasing taxes for the wealthy from 35% to 39% is as big a detriment to our country as the tea partiers would have us believe, surely such negative impacts would have been observable when the tax rate for the wealthy was 90% following WWII.
What are examples of these catastrophic negative effects?
"What did it help? Unemployment stayed up and never got below 13%. In fact it went back up to 19% just before WW2 started. I would say it hurt much more than it helped."
Millions of soldiers coming home = a spike in unemployment. I'm sure you can understand the simple math behind that. The size of the work force dramatically increased, the number of jobs stayed the same.
Take a look at how our national debt changed during these years.
6 Answers
- AngelaTCLv 61 decade agoFavorite Answer
The truth is that the recovery would have been faster and made our country even stronger.
Even Obama says that tax hikes hurt the economy. BUt it's ok - nobody expects liberals to make any sense.
Pretending that it's somehow "fair" for 48% of the population not to pay any income taxes, while drumming up class warfare? Gee, why does this all sound familiar?
- grandma zazaLv 71 decade ago
What did it help? Unemployment stayed up and never got below 13%. In fact it went back up to 19% just before WW2 started. I would say it hurt much more than it helped.
- Bruce LLv 41 decade ago
It began to stifle growth in the late 50s as Europe was getting back on line and that decline was turned around by the TAX CUTS put in place by JFK which began a new age of prosperity and innovation!
- Anonymous1 decade ago
Eisenhower kept that tax rate all the way through his term in office as well and yet, the 50's were a very prosperous time in the USA.
Really makes you wonder what these people are complaining about now.
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- CJLv 71 decade ago
It didn't damage the country -- it actually allowed for the constructions of the Interstate Highways during the Eisenhower administrations.
- 1 decade ago
High tax rates were instituted before WWII began and were sending the economy down even further.... the economy was "saved" by WWII
