HabitableZone

Flame » in reply to teabag this!

Now, just for fun, do 1965.

The Federal government was one-quarter the size it is now, fiscally speaking, living on one-quarter of the revenues (constant dollars, of course). The deficit that year was $8.7 billion - adjusted for inflation.

We had all those services. We had a huge military. We had the greatest industrial civilization on the planet. We were four years from landing on the Moon.

To be sure, tax rates were up to 70 percent on the rich, but that didn't kick in until over $1.35 million in income. As for the rest of us, the rate was about 14 percent in the lowest bracket, but the payroll tax rate was less than half what it is now.

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