Fun Fact About Taxes

The top income tax bracket in the United States is currently 35%.

Make a guess over how many years, within the past 80 years, the tax rate was below 35% and how many years it was more than twice the current rate.

Answers:
Since 1932, there were only 5 years when the top income tax bracket has been below 35%. (Those years were 1988-1992, when the numbers ranged between 28% and 31%.)
Since 1932, there were 45 years when the top income tax bracket was double or more the current rate. (Between 1936 and 1980, the top income tax bracket ranged between 70% and 94%.)
(Source for tax information)

Another fun fact: The US debt, as a percentage of GDP, was lowest in 1980 (when Reagan first took office) than any other time in the last 80 years. Under Reagan and Bush Sr., the US debt to GDP ratio doubled, reversing a 35 year trend of declining national debt.

(Source)

When the tax rate of the highest tax bracket is compared to the GDP-to-debt ratio, the trend is clear: in periods where the tax percentages were highest, the national debt decreased, and in periods where taxes were lowest (i.e. mostly under Republican presidents, but also under Obama) the national debt increased.

Oh, but Obama is a socialist for wanting tax rates higher than 35%, even though 35% is historically very, very low. And the “Taxed Enough Already” party appeared now, in this period of US history??