Soaking the rich doesn’t work

[whell]

Originally Posted by Tom Joad

Right, because the economy really sucked back in the 1950's when the top bracket was 90%.

It actually did, unless you're using "Happy Days" as your historical reference. It was a period marked by inflation, recession, slow economic growth, and recession that reached its peak in the mid 50's. The housing sector was rocking, but that was in part due to the GI Bill's impact.

The economy saw a brief period of growth but went into the tank again around '57 or '58. Industrial production and corporate profits fell and unemployment hit 7.5 percent. President Eisenhower didn't try to intervene by leading any policy initiatives because he worried more about inflation and not unemployment. By 1959 the gummint was running a $12 billion deficit, a new record for a budget shortfall during peacetime.

So yeah, let's drop that 90% top rate back into place.