I Like IKE!

I Like IKE!

And he was a Republican.

“Before we go further, let’s review what the marginal tax rate means. It’s the tax rate that’s applied to the last dollar earned. The U.S. tax system is based on brackets. The top marginal tax rate applies to the highest bracket. Income is taxed at higher rates as more is earned.

During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)

What does it mean, though? For the duration of Eisenhower’s presidency, that rate affected individuals making $200,000 or more per year or couples making $400,000 and above per year.

In 2015 dollars, that’s roughly $1.7 million for an individual and $3.4 million for a couple.”

If you were in the highest tax bracket, you paid 90% in taxes.
Source: http://www.politifact.com/truth-o-meter/statements/2015/nov/15/bernie-s/income-tax-rates-were-90-percent-under-eisenhower-/

You know what else happened in the 1950s? Some of the most prosperous years for middle class Americans in history.

“The economy overall grew by 37% during the 1950s. At the end of the decade, the median American family had 30% more purchasing power than at the beginning.” https://www.shmoop.com/1950s/economy.html

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