How about that socialist Eisenhower?
February 4th, 2009Obama has announced the government will require financial companies getting aid in the future to cap compensation of top officials at $500,000 a year.
Here’s a much, much better idea: raise the top marginal tax rate back to where it was during the Eisenhower administration. That would squeeze the vampires out of the whole economy, not just the flailing banks.
The top rate is now 35%. Here’s what the top rates were during past administrations:
Taft: (1909-1913)–income tax began in 1913 at 7% for top rate
Harding: (1921-1923): 56%-73
Coolidge (1923-1929): 24%-56%
Hoover (1929-1933): 24%-63% (63% after Roosevelt took power)
Roosevelt (1933-45): 63-94%
Truman (1945-1953): 94-82.13%
Eisenhower (1953-1961): 91-92%
Kennedy (1961-63): 91%
Johnson (1963-1969: 91-70%
Nixon (1969-1974): 70-77%
Ford (1974-1977): 70%
Carter ((1977-1981): 70-69.83%
Reagan (1981-1989): 28%-69.13%
Bush I: (1989-1993): 28%-31%
Clinton (1993-2001): 39.6-38.6%
Bush II (2001-2009): 38.6-35%
Remember: the top tax rate doesn’t apply to all income – just to the top tax bracket income. You do not reach the top marginal tax bracket until you reach $357,701 in income.