OT
"FDR sought to rally Americans against the nation's “economic royalists,” even proposing, in 1942, what amounted to a “maximum wage,” a 100 percent tax rate on all individual income over $25,000 a year, the equivalent of about $314,000 today."
cipa-apex.org
"It's true: During World War II, there was 94 percent marginal income tax rate. And what's more, the president had originally proposed a 100 percent tax rate...
...All Americans were asked to pay more in taxes during World War II, and the wealthy were asked to pay the most of all, more in taxes than any Americans had ever before paid. In 1943, America’s most affluent households faced a 93 percent tax rate on all their income over $200,000. The next year, 1944, the nation’s top tax rate would rise even higher, to 94 percent on income over $200,000—the highest rate in American history.
A 94 percent tax? We scan this figure today with no small measure of disbelief. We who live in an era where politicos routinely equate taxes with tyranny cannot imagine a Congress of the United States ever imposing a tax rate so lofty. But here’s the truly incredible part. Back during World War II, many Americans, including the president of the United States, wanted our nation’s top tax rate to rise even higher.
How high? In 1942, only a few months after Pearl Harbor, President Franklin D. Roosevelt proposed a 100 percent top marginal tax rate. At a time of “grave national danger,” the president advised that April, “no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year. Roosevelt was proposing, in effect, what amounted to a maximum wage—at an income level that would equal, in our contemporary dollars, about $300,000."
tompaine.com
For more economic foolishness from FDR (and also Hoover if you look around on that site)
see mackinac.org |
