In that 1960s, the top tax bracket was something like 65%

@sunsporter1649 So did he cut the tax rate?
What was it?

Look at the rates as Reagan entered the WH, and what he reduced them to.
"Trickle down": = The uber rich relieving themselves on those below them in the financial/economic chain with a golden shower.

@JSul3

https://en.wikipedia.org/wiki/Revenue_Act_of_1964

@sunsporter1649 Ok.
Clinton:
The act cut federal income taxes by approximately twenty percent across the board, and the top federal income tax rate fell from 91 percent to 70 percent. The act also reduced the corporate tax from 52 percent to 48 percent and created a minimum standard deduction.

Reagan:
The Tax Reform Act of 1986 lowered the top tax rate for ordinary income from 50% to 28% and raised the bottom tax rate from 11% to 15%.

CBS News: 50 Years Of Tax Cuts For The Rich Failed To Trickle Down, Economic Study Says. But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered.Mar 8, 2024.

@JSul3

Fiscal Year Revenue
FY 2023 $4.44 trillion
FY 2022 $4.90 trillion
FY 2021 $4.05 trillion
FY 2020 $3.42 trillion
FY 2019 $3.46 trillion
FY 2018 $3.33 trillion
FY 2017 $3.32 trillion
FY 2016 $3.27 trillion
FY 2015 $3.25 trillion
FY 2014 $3.02 trillion
FY 2013 $2.78 trillion
FY 2012 $2.45 trillion
FY 2011 $2.30 trillion
FY 2010 $2.16 trillion
FY 2009 $2.11 trillion
FY 2008 $2.52 trillion
FY 2007 $2.57 trillion
FY 2006 $2.41 trillion
FY 2005 $2.15 trillion
FY 2004 $1.88 trillion
FY 2003 $1.78 trillion
FY 2002 $1.85 trillion
FY 2001 $1.99 trillion
FY 2000 $2.03 trillion
FY 1999 $1.83 trillion
FY 1998 $1.72 trillion
FY 1997 $1.58 trillion
FY 1996 $1.45 trillion
FY 1995 $1.35 trillion
FY 1994 $1.26 trillion
FY 1993 $1.15 trillion
FY 1992 $1.09 trillion
FY 1991 $1.06 trillion
FY 1990 $1.03 trillion
FY 1989 $991.1 billion
FY1988 $909.2 billion
FY 1987 $854.3 billion
FY 1986 $769.2 billion
FY 1985 $734.0 billion
FY 1984 $666.4 billion
FY 1983 $600.6 billion
FY 1982 $617.8 billion
FY 1981 $599.3 billion
FY 1980 $517.1 billion
FY 1979 $463.3 billion
FY 1978 $399.6 billion
FY 1977 $355.6 billion
FY 1976 $298.1 billion
FY 1975 $279.1 billion
FY 1974 $263.2 billion
FY 1973 $230.8 billion
FY 1972 $207.3 billion
FY 1971 $187.1 billion
FY 1970 $192.8 billion
FY 1969 $186.9 billion
FY 1968 $153.0 billion
FY 1967 $148.8 billion
FY 1966 $130.8 billion
FY 1965 $116.8 billion
FY 1964 $112.6 billion
FY 1963 $106.6 billion
FY 1962 $99.7 billion

Gee, the gubberment getrs richer, yet the gubberment outspends itself constantly. Wonder how that happens?

@JSul3 higher taxes on corporations and wealthy forces them to do things with the income in order to lower their tax burden.

@sunsporter1649 Military Industrial Complex for starters.

I am sure your genius boy Musk will carve out the excess, right?

@trollslayer Oh...like tax loopholes?

@sunsporter1649 Actually, that's only part of the story, sunstroke. Those LEGAL undocumented immigrants - who are awaiting asylum decisions - also paid $96 billion in taxes in 2022. But wait, there's more! They also purchased about $260 billion in food, housing, and other goods and services that year. And those purchased generated income and profits to the sellers, who paid more in taxes. Let's assume a 25% tax rate on the sellers, and there's another $65 billion in taxes generated by the purchases made by those LEGAL asylum waiting undocumented immigrants. And it doesn't stop there! Due to an Econ 101 effect called the 'velocity of money,' the recipients of that $260 billion go out and spend more, generating further economic activity and further taxes.

Just to make my position clear, I'm waiting for a full cost-benefit analysis of economic activity of these LEGAL asylum waiting undocumented immigrants. Without that info it's silly to make a decision about what to do with them. Perhaps those geniuses in the Dept of Efficiency and provide us with this key info.


!! UPDATE !!
Oh, look! In response to economic facts, sunstroke has a CARTOON!!!

@ElwoodBlues