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Tax rates on the wealthy were high: Under Republican President Dwight Eisenhower, they were over 90 percent. 

Marginal Tax rates. No one paid 90% of their entire income in taxes.
Stock buybacks were illegal until 1982 and considered market manipulation and were also one of the major things Reagan did to put us on an even more extreme wealth disparity track besides the huge tax cuts for the rich and corporations. >

Reagan won the Republican nomination in the 1980 presidential election and went on to defeat incumbent Democratic president Jimmy Carter. Early in his presidency, Reagan implemented "Reaganomics".... >

It took all of eight years for Reagan to turn us from a creditor nation to a debtor nation, for a great example of how "successful" Reaganomics were. Bush Sr. was right when he called it "voodoo economics." >

Then Bush climbed on the bus and rode it all the way to the end. >

Well in all fairness, every president after Reagan did. >

Correct me if I'm wrong, but didn't Clinton end his term with a surplus? >


Here's what most people don't know: The wealthy used to pay higher taxes to the government. Now the government pays the wealthy interest on their loans to finance a swelling debt that’s been caused largely by lower taxes on the wealthy.
A half century ago, American’s wealthy financed the federal government mainly through their tax payments. Tax rates on the wealthy were high: Under Republican President Dwight Eisenhower, they were over 90 percent. Even after all tax deductions, the wealthy typically paid half of their incomes in taxes.