you it's those tax cuts that are one of the major factors keeping our economy in the gutter is larry beinart points out over at the huffington post the truth is that tax cuts cause crashes more specifically when the top marginal tax rates are below fifty percent. you've got hot money flying around that causes cycles of bubble boom boom bubble and bust america has witnessed four of these cycles in the common denominator for all of them were tax cuts as beinart notes coming out of world war one we had a top marginal tax rate over seventy percent between one hundred twenty one and twenty five top marginal tax rate was slashed down to twenty five percent and as we all know what followed was the stock market crash of one nine hundred twenty nine in the great depression now fast forward in one nine hundred eighty one when reagan came to washington in one thousand nine hundred one the top marginal tax rate stood at seventy percent but then came the reagan tax cuts in eighty two the top marginal tax rate was fifty percent by eighty seven it was thirty eight and a half percent in eighty eight he took

are ok is it time to change that and i think we should start by rolling back the reagan tax cuts larry beinart points out over the he opposed he says the truth is that tax cuts cause crashes where we cut taxes but that what follows is a cycle of boom bubble boom bubble and bust economy goes into freefall unemployment soars the american people suffer well the fact the matter is that if you look at the history the united states whenever the income tax top income tax rate after about three million dollars a year of income whenever the top tax rate goes above fifty percent then you don't have hot money flowing around in the system and so people don't gamble with that money and you don't get these bubbles and you don't get these crashes you know we had the period from night from the one nine hundred thirty s. until the one nine hundred eighty s. no bubbles no crashes top tax rate was ninety percent and then reagan comes along drops of twenty eight percent bubble crash bubble crash bubble crash three of them in three decades so it is a time to raise the top tax rate back to where it used i don't thi