Quote:
Originally Posted by Ooloo
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Rich = Bad; the thread.
Who wants to be the dictator who decides how much money you're allowed to have? Any volunteers?
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Persons in the $1 million income filing bracket should have a tax rate of just over 40 percent of their adjusted gross income (AGI) for the year.
And before "Waaaaaaaaahh this would never and has never happen!!!"
ah but it has and...
"The high tax rates of the 1950s were, of course, cut during the Reagan presidency"
Federal Reserve Board believed the tax cut re-ignited inflation and raise interest rates. This sparked a deep recession in 1981 and 1982. The high interest rates caused the value of the dollar to rise on the international exchange market, making American goods more expensive abroad. As a result, exports decreased while imports increased.
Yes, a republican president put us into recession by cutting taxes to the rich SURPRISE SURPRISE!