{"id":5432,"date":"2012-09-12T03:41:02","date_gmt":"2012-09-12T07:41:02","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5432"},"modified":"2012-09-12T03:41:02","modified_gmt":"2012-09-12T07:41:02","slug":"raising-taxes-73-of-nothing-is-nothing","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/12\/raising-taxes-73-of-nothing-is-nothing\/","title":{"rendered":"Raising taxes: 73% of nothing is nothing"},"content":{"rendered":"

President Francois Hollande recently increased the top income tax rate in France to 75 percent — for incomes in excess of \u20ac1 million. This is part of a wider trend with President Obama targeting the wealthy in his election campaign, promising to raise taxes on incomes in excess of $1 million. Shifting the tax burden onto the wealthy might be clever politics, but does it make economic sense? To gauge the effectiveness of this strategy we need to study tax rates and their effect on incomes in the 1920s and 1930s.<\/p>\n

By the end of the First World War, Federal government debt had soared to $25.5 billion, from $3 billion in 1915. Income taxes were raised to repay public debt: 60 percent on incomes greater than $100,000 and a top rate of 73 percent on incomes over $1 million. When Andrew Mellon was appointed Treasury Secretary in 1921, he inherited an economy in sharp recession. Falling GDP and declining income tax receipts led Mellon to observe that “73% of nothing is nothing”. He understood that high income taxes discourage entrepreneurs, leading to lower incomes and lower tax receipts — what we now refer to as the Laffer curve. By 1925, under President Coolidge, Mellon had slashed\u00a0income taxes to a top rate of 25 percent — on incomes greater than $100,000. The economy boomed, tax collections recovered despite lower rates, and Treasury returned budget surpluses throughout the 1920s.<\/p>\n

\"US<\/p>\n

Interestingly, Veronique de Rugy<\/a> points out that taxes paid by those with incomes over $100,000 more than doubled by the end of the decade.<\/p>\n

\"US<\/p>\n

Andrew Mellon was a wealthy banker and investor: in the mid-1920s he was the third highest taxpayer in the US. His strategy of cutting income tax rates may appear self-interested, but showed an understanding of how taxes can stimulate or impede economic growth, and succeeded in rescuing the economy from prolonged recession in the 1920s.<\/p><\/blockquote>\n

A decade later, President Herbert Hoover spent liberally on infrastructure programs in an attempt to shock the economy out of recession following the 1929 Wall Street crash. By 1932 Hoover and Mellon raised income taxes to rein in the growing deficit. Tax on incomes greater than $100,000 was increased to 56 percent and the top rate lifted to 63 percent — on incomes over $1 million.<\/p>\n

The budget deficit continued to grow. Higher tax rates were maintained throughout the 1930s, under FDR, but failed to achieve their stated aim and may have contributed to the severity of the Great Depression.<\/p>\n

\"US<\/p>\n

GDP rose steeply after 1934. Income tax receipts recovered to pre-crash levels but declined again after 1937, when President Roosevelt introduced payroll taxes. Increased taxes reduced the fiscal deficit but caused a double-dip recession: GDP contracted, income tax receipts fell and the deficit grew.<\/p>\n

\"US<\/p>\n

Comparing the 1920s to the 1930s it is evident that Barack Obama and Francois Hollande threaten to repeat the mistakes of the 1930s. Increasing taxes in the middle of a recession does not reduce the deficit. It merely prolongs the recession.<\/p>\n

Sources:
\nCato Institute: 1920s Income Tax Cuts Sparked Economic Growth and Raised Federal Revenues by Veronique de Rugy<\/a>
\nNational Debt History<\/a>
\nWikipedia: Andrew W Mellon<\/a>
\nWikipedia: Laffer Curve<\/a>
\nThe Politically Incorrect Guide to the Great Depression and the New Deal by Robert Murphy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

President Francois Hollande recently increased the top income tax rate in France to 75 percent — for incomes in excess of \u20ac1 million. This is part of a wider trend with President Obama targeting the wealthy in his election campaign, promising to raise taxes on incomes in excess of $1 million. Shifting the tax burden … <\/p>\n

Continue reading “Raising taxes: 73% of nothing is nothing”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,33,34],"tags":[1410,1527,1800,1803,2221,3436],"class_list":["post-5432","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-fiscal-deficit","tag-gdp-growth","tag-income-tax","tag-income-tax-receipts","tag-marginal-tax-rates","tag-top-1"],"yoast_head":"\nRaising taxes: 73% of nothing is nothing - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raising taxes: 73% of nothing is nothing - the patient investor\" \/>\n<meta property=\"og:description\" content=\"President Francois Hollande recently increased the top income tax rate in France to 75 percent — for incomes in excess of \u20ac1 million. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1pC","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":10064,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-inequality-debate-thomas-piketty-and-ryan-bourne-iea\/","url_meta":{"origin":5432,"position":0},"title":"The inequality debate | Thomas Piketty and Ryan Bourne IEA","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"The inequality debate: Thomas Piketty and Ryan Bourne, of the Institute of Economic Affairs. http:\/\/vimeo.com\/98715433 One mistake Piketty makes: he uses a marginal tax rate of 80% in the US in the 1920s and 1930s on incomes over $1 million to justify higher taxes on incomes over $1 million today.\u2026","rel":"","context":"In "Taxes & Inequality"","block_context":{"text":"Taxes & Inequality","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/taxes-inequality\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5437,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/12\/sowell-obama-uses-tax-the-rich-rhetoric-to-hoodwink-voters-the-columbian\/","url_meta":{"origin":5432,"position":1},"title":"Sowell: Obama uses 'tax the rich' rhetoric to hoodwink voters | The Columbian","author":"Colin Twiggs","date":"September 12, 2012","format":false,"excerpt":"According to the Internal Revenue Service, more than 2.7 million people earn $250,000 a year or more -- and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at \"millionaires and\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9879,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/24\/piketty-problems-top-1-shares-of-income-and-wealth-are-nothing-like-1917-28-cato-liberty\/","url_meta":{"origin":5432,"position":2},"title":"Piketty Problems: Top 1% Shares of Income and Wealth Are Nothing Like 1917- 28 | Cato @ Liberty","author":"ColinTwiggs","date":"May 24, 2014","format":false,"excerpt":"From Alan Reynolds: First of all, the Piketty and Saez estimates do not show top 1 percent income shares nearly as high as those of 1916 or 1928 once we use the same measure of total income for both prewar and postwar data.Second, contrary to Summers, there is no data\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9323,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/03\/deflating-australias-land-bubble\/","url_meta":{"origin":5432,"position":3},"title":"Deflating Australia\u2019s land bubble","author":"ColinTwiggs","date":"March 3, 2014","format":false,"excerpt":"Great post by Leith van Onselen Reproduced with kind permission from Macrobusiness.com.au. Prosper Australia has provided a submission to the Senate Inquiry into Housing Affordability, which is well worth a look. The submission first provides nine metrics illustrating Australia\u2019s residential property bubble, which include the following: It took forty years\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ScreenHunter_18 Jul. 05 10.22","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2014\/03\/ScreenHunter_18-Jul.-05-10.22-200x200.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4092,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/dems-lay-trap-for-gop-with-buffett-rule\/","url_meta":{"origin":5432,"position":4},"title":"Dems Lay Trap for GOP with Buffett Rule","author":"Colin Twiggs","date":"April 16, 2012","format":false,"excerpt":"Do Top Earners Pay Too Little?Taxpayers earning more than $1 million a year pay an average U.S. income tax rate of nearly 19 percent, according to the Tax Policy Center. The top individual tax rate is 35 percent. Loopholes and other deductions help lower that rate so that most Americans\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/financial-planning\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12070,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/could-a-new-property-tax-save-the-economy\/","url_meta":{"origin":5432,"position":5},"title":"Could a new property tax save the economy?","author":"ColinTwiggs","date":"July 15, 2015","format":false,"excerpt":"Interesting article by Robin Christie | 16 Jul 2015 Property levies could be the key to fixing state and territory budgets, and could raise as much as $7 billion a year, the Grattan Institute has claimed. Grattan\u2019s \u2018Property Taxes\u2019 report.....explores how imposing a broad-based property levy could help Australia\u2019s state\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5432"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5432\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}