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Politics : Politics for Pros- moderated

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To: Sam who wrote (33522)	3/8/2004 7:54:31 PM
From: unclewest	of 793916

recall that we had a top rate of 90% in the 1950s, and had quite nice incomes and growth. It was lowered to 70% under Kennedy, and we had quite nice growth. It was raised in the 90s to 39%, and we had quite nice growth. Sam, You must look at both sides. GDP growth in the 50s averaged 2.5%. Home mortgage rates were between 3.5% - 4.5% Most Americans paid virtually no income tax if any. The tax outs or loopholes for those paying 90% were gigantic. They have nearly all been closed and the few that are not closed are covered by the alternative minimum tax. A tax that I paid on average 2 out of 3 years for the past 22 years. EDIT: Sam, I finished HS in 61 so this is not first-hand. I called my dad. He gave me the numbers. uw

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