Matthew Yglesias sends us to Steve Benen who sends us to John Cole.
As we can see here, the United States has enjoyed three periods of prosperity over the past 100 years—there was the late-1920s, the late 1980s, and the 2000s. For the rest of our history, the entire period from FDR through to early Reagan, and then again in the dark days of Bill Clinton, we suffered from cataclysmic stagnation because “soak the rich” policies left businesses without incentive to invest. Our talented citizens unfortunately, but understandably, decided to “go Galt” en masse and the economy stagnated. And yes, please pay no attention to the fact that the three periods of ultra-low taxes were followed by a budget crisis (Reagan) and catastrophic global economic collapse (Coolidge-Hoover, Bush).
Posted via web from http://braddelong.posterous.com/top-marginal-tax-rates-over-ti at Brad DeLong's Scrapbook