Wednesday, September 23, 2015
In 1955 dollars that's 3,5 million dollars today. Tax rates had nothing to do with your parents and grandparents being able to own houses and cars, they were not provided by the tax payers. We did not go to the moon in the 1950s, we went in 1969.
The middle class existed long before 1950. The post WWII boom of nearly full employment and President Eisenhower kicking out 1.5 million illegal aliens to keep jobs here at home as well as high tariffs to keep out foreign goods. This helped to fuel our economy.
High taxes on the rich only encouraged them to tie up money overseas or in investments that lost money on paper. We were terribly short of consumer goods in the 1940's. From 1942 until 1945 there was no civilian car production. Soldiers returning from war wanted houses to start families. The home building boom and the new technologies invented during the war allowed us to tax people at high rates and still have a booming economy; that's the view from the Hysterical Right Wing.