1950s Tax Fantasy Is a Republican Nightmare
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Jan. 3 (Bloomberg) -- Of course, 2013 will be fine, becausethe 1950s sure were. That’s the premise for the coming year,especially in regard to the agreement in Washington to raiseU.S. tax rates on the well-off.
In the 1950s, after all, tax rates were far higher thanwhat the House and Senate have agreed on, a top rate in the high30 percent range. Back then, they were even higher than whatPresident Barack Obama might have proposed, if left to his owncounsel. Republicans in that era went along with the idea thathigh rates took something away from the rich and therebystabilized society.