Here we go
Yet in the 1950s incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent, while taxes on corporate profits were twice as large, relative to national income, as in recent years. The best estimates suggest that circa 1960 the top 0.01 percent of Americans paid an effective federal tax rate of more than 70 percent, twice what they pay today.
Send a check to the IRS, champ, show us the way.
Today, of course, the mansions, armies of servants and yachts are back, bigger than ever
This is a guy who makes millions a year as a teacher, writer, columnist, and speaker. He lives in nice McMansion. Write a check, pal.
I agree with him here. Those 1%ers did not build those. The government did. The government took food from children and school lunch money to build the mansions for the rich. They even take children from their poor single parents and make them the servants on those 1%er’s yachts. If it wasn’t for granma dying, these 1%ers wouldn’t have the social security funds with which to build their 3rd homes with.
I think Occupy should camp out at Krugman’s house.
nah, they know who pays their bills. they are stupid, not …. … nevermind.
I lived in the 50’s and it was not a very good time. Gas was thiry cents a gallon, but you could not afford it. A one minute phone call was ten cents, but you did everything to avoid paying that. Kennedy (who I hate) dropped the tax rate to stimulate the economy. It worked, then Carter killed the 70’s, alone with the Vietnam war. Reagan then dropped rates and the economy took off. He could not get Congress to stop the spending. When Clinton raised the rates, I started firing people and cutting back on work. Then the 80’s hit which is reflective of the tax hike Clinton impossed.
David better do some alzenheimer tests. Gas cost 18 cents in 1950 and 25 cents in 1955. And the 80s did NOT come after Clinton. you have your decades upside down Has life gotten bettter for Americans ? Sure it has. Did the Dow suffer its biggest drop under Bush? Yes. Has the economy finally turned around, yes it has. Are the Republicans happy about that??? well some sure do not seem to be.