Wednesday, June 29, 2011

Truth Will Out

Interesting article at Slate today about tax cuts and the effect on tax revenues.
The eye-popping fact for me? In the 1920's, Andrew Mellon (as Treasury Secretary. Yes, the same Mellon as in Carnegie-Mellon Foundation as well as any number of financial and corporate institutions) pushed thru a tax cut from 73% to 25% on the top marginal rates.
Why did that pop my eyes? Because at some point, that rate gets ratcheted back up to 91%, in order that JFK could cut it to 70% in the early 60s (the other American tax cut to actually increase tax revenues.)