Here’s the thing: despite the top marginal tax rate being 91% in the 1950’s, the effective rate actually was 42%. Additionally: “The 42.0 percent tax rate on the top 1 percent takes into account all taxes levied by federal, state, and local governments, including: income, payroll, corporate, excise, property, and estate taxes. When we look at income taxes specifically, the top 1 percent of taxpayers paid an average effective rate of only 16.9 percent in income taxes during the 1950s.” (Sorry, guys, they won’t let me post the link. It’s at the tax foundation dot org site it you want to research it.)
The reason for the economic good times was due to public purpose federal spending, not the alleged high tax rates. This is important to understand, since the spending of a monetary sovereign like the US is never revenue-constrained, only resource-constrained. Moreover:
“Within capitalism, there is still the federal government at the head. It is the centerpiece of a modern monetary economy and issues the currency necessary which capitalism uses to function. Universal healthcare is not socialism. Free primary and secondary education is not socialism. Police and roads are not socialism. A federal Job Guarantee is not socialism. It is capitalism functioning properly and efficiently within a modern monetary economy.
When the state seizes control over the entire means of production, issuing three and five year plans for production across every, single sector, then you can call it socialism – not before.” (Again, sorry, but they won’t allow the link to be posted. Google Ellis Winningham, public purpose spending is not socialism for the article.)