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TOPIC: The_Congressional_Research_Service_Nails_Lid_Shut_on_Coffin_of_Republican_Party,_GOP_Tries_to_Kill_Report
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Like I said, we are witnessing the last gasps of a corrupt and out of touch party, and now their entire premise for Conservatism and trickle down economics goes up in a puff of non-partisan smoke....

Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945

Thomas L. Hungerford Specialist in Public Finance September 14, 2012

(excerpt)

Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. The real GDP growth rate averaged 4.2% and real per capita GDP increased annually by 2.4% in the 1950s. In the 2000s, the average real GDP growth rate was 1.7% and real per capita GDP increased annually by less than 1%.

There is not conclusive evidence, however, to substantiate a clear relationship between the 65-year steady reduction in the top tax rates and economic growth. Analysis of such data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth.

However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution. The share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession. The evidence does not suggest necessarily a relationship between tax policy with regard to the top tax rates and the size of the economic pie, but there may be a relationship to how the economic pie is sliced.

Read the entire report here:

w w w.dpcc.senate. gov/files/documents/CRSTaxesandtheEconomy%20Top%20Rates.pdf

East Fishkill NY
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TOPIC: The Congressional Research Service Nails Lid Shut on Coffin of Republican Party, GOP Tries to Kill Report
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