Friday, January 25, 2019
On These Idiot Socialists Who Want a 70 to 90% Top Tax Rate and Who Mistakenly Point to the 1950s as Evidence that Such High Rates Don't Hurt the Economy - https://www.youtube.com/watch?v=M2hAOyORSis
I'm sorry but you'd have to be an absolute ignoramus to think that anybody ever paid the 90% rate. The fact of the matter is that there were a plethora of deductions back then (most of which are not available now) and as Mr. Woods points out in the video, the actual rate that people paid was closer to 35%. So unless these socialist dolts are willing to bring those deductions back, yeah, a 70% top tax rate today would be much more draconian than even the 90% rate in the 1950s was (Woods asserts that a 70% top rate today would create an effective yield of about 55%). For the record (not that they care).