When President Eisenhower left office in 1961, the top income tax rate was 91 percent on all income, including the capital gains, dividends and interest of the wealthy. Today, the top income tax rate for the wealthy is 15 percent and the top income tax rate for corporate giants is 21 percent while the lack of tax revenue is escalating the national debt and the top income tax rate on the ordinary income of working-class Americans is an insulting 37 percent.
What happened? If you really want to know, check the tax cut legislation that was enacted during the administration of Ronald Reagan, George W. Bush, and Donald J. Trump, and see what happened to government spending for national defense and discover what happened to the nation’s debt after those tax cuts took effect.
During the Eisenhower administration, taxes were affordable for the working class, spending for national defense was reasonable, budgets were balanced, inflation was low, the economy grew, the interstate highway system was started, the New Deal remained intact, America was at peace and there wasn’t one military death in a war.
Yes, those were the happy days!
David L. Faust,