Get free YouTube views, likes and subscribers
Get Free YouTube Subscribers, Views and Likes

He Talks About MONEY To Americans In The 1960s. How Have Things Changed?

Follow
David Hoffman

Henry Taylor spoke his mind on National TV in the early 1960s. Henry Taylor was a columnist. His articles were about the tensions between the United States and the Soviet Union, including perspectives on McCarthyism, the Red Scare, and the fear of communism.

In this video he speaks about tax rates. At that time the U.S. had significantly higher top marginal tax rates. For example, in the early 1960s, the top federal income tax rate was around 91%. This rate applied to individuals in the highest income bracket. However it's crucial to understand that these rates were part of a progressive tax system with many brackets. The 91% rate applied only to income above a certain very high threshold (equivalent to several million dollars today). The vast majority of Americans did not earn nearly enough to be taxed at this rate.

For most Americans, the average tax rate (the percentage of their income paid in taxes) was lower than the top marginal rate would suggest. These rates were more comparable to those seen today though slightly higher. Modern top marginal tax rates are much lower. The top federal income tax rate in the U.S. in 2023 is around 37%. Today's tax system still uses a progressive structure, but the income thresholds for the highest rates are much lower than in the 1960s when adjusted for inflation. For average Americans, the effective tax rate may not have dramatically changed, but the structure of taxes, including deductions and credits, has evolved.

The 1950s were a time of economic boom in many Western countries, especially the United States. Taylor explored themes related to the burgeoning middle class, the growth of suburban living, consumerism, and the automobile culture.

Although the major civil rights movements in the United States gained more momentum in the 1960s, the foundations were being laid in the 1950s. Taylor commented on these burgeoning social issues, including racial segregation and the early stages of the civil rights movement.

This period was also marked by significant events in international politics, such as the Korean War, the Suez Crisis, and the beginning of decolonization in Africa and Asia. Taylor shared insights on these events and their implications.

In the U.S., the Eisenhower administration's policies, including infrastructure development (like the Interstate Highway System), and its stance on domestic issues like taxation and government spending, were topics of interest.

posted by PlaulaZottehs