This diary is worth at least 1000 words.
My friends, the last president to raise taxes during tough economic times was Herbert Hoover... -- John McCain
Sherman? Where is the WABAC machine?
Oh, here it is:
The tax rates in 1935: Top corporate rate = 13.75% Top individual rate = 63% Top capital gains rate = 31.5%
The tax rates in 1936: Top corporate rate = 15% Top individual rate = 79% Top capital gains rate = 39% Inheritance tax provides 11% of federal revenue
Who was President in 1936? Roosevelt. Were times tough? Only if you think 20% unemployment is tough times. How did raising taxes kill the economy? It killed it so much that immediately GDP rose by a record amount, over 14%.
