Didn't high top-tier tax rates end the depression, win WWII, and build the post-war middle-class boom?
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Extremely high government spending on manufacturing of armaments, starting in 1942, ended The Great Depression, in 1943. In 1944 and '45, top-tier tax rates (the highest in U.S. history) above 90% helped end the war and build the post-war middle-class boom. Top-tier tax rates remained above 50% until 1981 when tax rates were lowered from the 70% level by Reagan. They've remained below 50% (and often below 40%) to this day. Did this mid-century tax policy not help create the America many still remember that existed until the '70s? High real family incomes? Little or no family debt with higher savings? No financial market panics from 1937 to 1987? The "rich" weren't even "hurting", then! Were they?
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Answer:
Correlation does not prove causality but anyone who wants to convince me that high taxes on the rich will stop economic growth will have to explain why it did not during the post WWII period.
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