Taxes On Rich Are Lower Than They Were Under Republican Presidents Nixon And Eisenhower

Congressional Republicans are digging in their heels and claiming we don’t need to raise taxes rates on the rich any further after they went up to Clinton-era levels for families with incomes $450,000 and above.

But the fact is, income tax rates on the richest Americans are still lower than they were under Republican presidents Dwight Eisenhower, Richard Nixon, and even most of Ronald Reagan’s presidency. Here’s where rates were under them:

Dwight Eisenhower: During Ike’s presidency, the top rate was between 91 and 92 percent.

Richard Nixon: In 1969, when Nixon took office, the top rate was 77 percent. It dropped down to 71.75 in 1970 and finally to 70 percent for the rest of Nixon’s presidency.

Ronald Reagan: The top rate was  69.125 percent when Reagan came into office, and he soon cut it to 50 percent, where it stayed through most of his presidency (it was cut again in 1987).

By every measure, taxes on the rich are still historically low, despite the partial restoration of the Clinton tax rates. Yet some right-wing lawmakers continue to demand sharp cuts to the benefits of programs like Social Security and Medicare in order for any kind of increased revenues.

Follow BoldProgressives on Twitter

Go to DC State Page
Category: 
origin Blog: 
origin Author: 
Comments Count: 
0
Showing 0 comments