{"id":524454,"date":"2010-04-12T13:20:52","date_gmt":"2010-04-12T17:20:52","guid":{"rendered":"http:\/\/blogs.reuters.com\/james-pethokoukis\/?p=3661"},"modified":"2010-04-12T13:20:52","modified_gmt":"2010-04-12T17:20:52","slug":"after-fdr%e2%80%99s-new-deal-%e2%80%a6","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/524454","title":{"rendered":"After FDR\u2019s New Deal \u2026"},"content":{"rendered":"<p>The death of FDR in 1944 meant no New Deal, The Sequel. What did happen? This (via the <em><a href=\"http:\/\/online.wsj.com\/article\/SB10001424052702304024604575173632046893848.html\">WSJ<\/a><\/em>):<\/p>\n<blockquote>\n<p>Instead, Congress reduced taxes. Income tax rates were cut across the board. FDR&#8217;s top marginal rate, 94% on all income over $200,000, was cut to 86.45%. The lowest rate was cut to 19% from 23%, and with a change in the amount of income exempt from taxation an estimated 12 million Americans were eliminated from the tax rolls entirely.<\/p>\n<p>Corporate tax rates were trimmed and FDR&#8217;s &#8220;excess profits&#8221; tax was repealed, which meant that top marginal corporate tax rates effectively went to 38% from 90% after 1945.<\/p>\n<p>Georgia Sen. Walter George, chairman of the Senate Finance Committee, defended the Revenue Act of 1945 with arguments that today we would call &#8220;supply-side economics.&#8221; If the tax bill &#8220;has the effect which it is hoped it will have,&#8221; George said, &#8220;it will so stimulate the expansion of business as to bring in a greater total revenue.&#8221;<\/p>\n<\/blockquote>\n<p>Me: Research indicates that top U.S. tax rates are already on the wrong side of the Laffer Curve. And our corporate tax rates are highly uncompetitive internationally. All play into a New Normal thesis over the long term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The death of FDR in 1944 meant no New Deal, The Sequel. What did happen? This (via the WSJ): Instead, Congress reduced taxes. Income tax rates were cut across the board. FDR&#8217;s top marginal rate, 94% on all income over $200,000, was cut to 86.45%. The lowest rate was cut to 19% from 23%, and [&hellip;]<\/p>\n","protected":false},"author":1063,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-524454","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/524454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1063"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=524454"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/524454\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=524454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=524454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=524454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}