August 16, 2011
Marginal tax rates
I came across this interesting chart from Visualizing Economics that shows how marginal tax rates have varied over the last 100 years or so.
I am a theoretical physicist and currently Director of UCITE (University Center for Innovation in Teaching and Education) at Case Western Reserve University in Cleveland, Ohio. I am the author of three books: God vs. Darwin: The War Between Evolution and Creationism in the Classroom (2009), The Achievement Gap in US education: Canaries in the Mine (2005), and Quest for Truth: Scientific Progress and Religious Beliefs (2000). Disclaimer: The views expressed in this blog are my personal ones and are not those of UCITE or Case Western Reserve University. If you wish, you can send me an email by clicking here.
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Also interesting: recessions generally follow a republican president.
Funny how those low rates in the 1920's preceded the Great Depression, isn't it? Aren't tax cuts supposed to stimulate the economy by encouraging "job creators" to go out and "create"? Supply-siders love telling us that cutting taxes both increases GDP and boosts revenues, but they conveniently elide this rather important period in U.S. history.
Republicans won't rest until the rates look like they did after WWI (assuming they can't repeal the 16th Amendment, which Rick Perry has advocated). Why on earth would we want to go back there? It'll turn out differently this time, right?