The free market allocated resources the best

10/10 logic

Allocated *

Allocates

10/10 logic if anything works we need to take it to the extreme

I mean the gilded age was a good example

Working hours went down while real wages increased

The period of huge economic expansion

But there was still not a free market

ok so lets take it even further

even though it has never been tried ever

I mean I’m not for it anyways

Just a thought

I’m just against the FED, Keynesian economics

they cause boom and bust cycles

Austrians have it right

@sɪᴅɪsɴᴏᴛʜᴇʀᴇ I know we disagree on a lot of stuff but you'd really like this study http://borisnikolaev.com/wp-content/uploads/2014/08/Economic-Freedom-and-Quality-of-Life.pdf basically goes into much greater depth about the data behind the graph you posted earlier, with the same result

Damn that’s huge

I agree with it tho

@Neco2040 Ocasio Cortez raising taxes to 70% would cause a crash

Not to mention it’s never been as high as she says

(90%)

wtf I love Ocasio Cortez now

The highest tax rate ever in the United States has been 45%

for personal income tax , top marginal rate

This was the effective tax rate when it was 91% marginal.

For people earning over $3,400,000 inflation adjusted

Yes she wants to do that also, her 70% tax would be a marginal tax for people earning over 10 million a year

Why would you compare a 45% “effective” rate to a 70% marginal rate

It makes more sense to compare the 70% marginal rate to the highest of 94% marginal

@Leo (BillNyeLand) that’s not the point

70% is the top@marginal rate

It makes no difference if that percent isn’t the actual rate being taxed

For example there was a 90% tax rate in 1955 however the effective tax rate was 45%

@chad 10 million?

Where does it say that

It doesn’t matter how high the tax rate is if the effective tax rate is much lower. With these tax rates , most of the taxation was avoided.

That’s why we have such a lower 45% rate.

Oh it is 10 million, however that would be impossible to collect through tax avoidance. So the burden will shift back on the middle class and below

Sounds like a disaster to me and the green new deal is a disaster in itself