A 70% tax rate? Name a country where that worked. Ever.
0
Be part of the movement!
Welcome to the community for those who value free speech, evidence and civil discourse.Create your free account
2 comments
Feel free to reply to any comment by clicking the "Reply" button.They were using the interventionist Keynesian economic system during the great depression and it was actually the reason why the depression lasted a decade. There are many examples of the Austrian economic system where a hiccup is allowed to crash the economy and let it get back on its feet again by itself. It rarely lasts longer than a year or two. As for the tax rates that high, I'm taking that with a grain of salt. ESPECIALLY when the presenter uses Leftist-style shaming for dissenters.
eschatologyguy
Level 9
Nov 13, 2020
1
rway:
I think there were some pretty high rates like that, but you are right, they didn't "drive us out of the depression". They drove us into tax shelters, deductions, and the Cayman Islands.
Nobody actually paid those rates.
What drove us out of the depression was WWII and the aftermath, during which we were the only developed country left standing to produce and sell stuff.
Remember the Depression of 1920? Most people don't... because we simply left it alone and, like you said, it just went away after about a year.
Be part of the movement!
Welcome to the community for those who value free speech, evidence and civil discourse.Create your free account
Share this post
Categories
Slug does not evaluate or guarantee the accuracy of any content. Read full disclaimer.