Clinton, George W Bush, Barack Obama discussed on Weekend Programming

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The rate down to fifty eight percent then in one thousand nine hundred eighty four they lowered it to forty six percent this is the top rate so others were paying less than that and then the top rate in the twenties and this is why they were so roaring was twenty five percent then fdr's new deal taxes when as high as sixty three percent in his first term the second term seventy nine percent then towards the end of world war two they were as high as ninety four percent under german then ninety one percent in the forties and fifties was the highest bracket now the average person paid about thirty percent federal marginal tax rate and then in the sixties they were lowered to seventy percent then lowered in the eighties to fifty percents and then as low as twenty eight percent was the top bracket for a couple years at the end of the reagan era than clinton raise them to forty then george w bush lower than the thirty five percent then they were raised by president obama to forty percent and then just lowered to thirty seven percent with the trump tax code so as we look at the history of the marginal tax bracket we realize one thing that governments will do what they want to do and what they can and we are in historically low marginal rates so we get a socialist president in four years or six in two years or six years and usually the pendulum swings or if we get a democratic president they are not going to waste time probably they'll raise taxes just like president trump didn't waste time i i item agenda we're gonna lower taxes because they believe it stimulative a democratic president would probably raise them because they believe that's better for the economy i don't want to get into political debate here but as it relates to your phone game you've a roth you're protecting yourself from taxes in the future by paying some tax now on that so you could do a contributory roth conversion to roth and you could do a back door roth which is you put money in an aftertax ira then you roth it so i hope that helps you if you want to stay on the line you can we'll take one more call at eight hundred three to one zero seven ten.

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