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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 395.44+0.6%Dec 12 4:00 PM EST
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To: Sunny Jim who wrote (46470)2/16/2009 12:52:35 PM
From: KyrosL  Read Replies (1) of 218483
 
Raising taxes and cutting benefits has been done numerous times in America. Social Security retirement ages were raised not too long ago -- Greenspan was actually the head of the bipartisan commission that did it. And taxes have been raised numerous times in the last century. Before Reagan top marginal tax rates were something like 70%. During WWII top marginal tax rates were raised above 90%. Crises are excellent times to cut benefits and raise taxes.

Here is a graph of the top US marginal rates. As you can see US politicians can raise taxes dramatically, as well as cut them, especially when they face a crisis.



More here:

truthandpolitics.org
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