There has been much talk in recent weeks of marginal income tax rates. Although the far-left have, talked about a return to high marginal income tax rates for several years, Rep. Alexandria Ocasio-Cortez (D-N.Y.) recently renewed the conversation. The “democratic” socialist has called for a massive wealth redistribution, with a top marginal rate of 70 percent.
A recent Wall Street Journal article has surprisingly good news: US companies are seeing the highest profit growth in two years with “two consecutive quarters of double-digit profit growth for the first time since 2011.” This surprisingly comes not from policies pursued in Washington, but the hard work of the private sector.
Recently, Larry Kudlow, news anchor and economic commentator, reminded us that in the 1960’s, then-President John F. Kennedy reduced taxes and our economy flourished. According to Kudlow, the economy increased by “roughly 5 percent yearly for nearly eight years.”