Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: Mary Cluney who wrote (5054)	2/29/2008 11:14:02 AM
From: TimF	Read Replies (1) \| Respond to of 42652

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

To: Mary Cluney who wrote (5054)	2/29/2008 11:21:14 AM
From: Alastair McIntosh	Respond to of 42652

See: biographyplus.com Scroll down to: The second term, 1937-1941 The war placed increasing demands on the government to obtain funding for the war. The tax rate for the top income bracket had been raised to 79, and then 90%. In 1941, Roosevelt proposed a 99.5% rate on all incomes over $100,000. When that proposal failed, he issued an Executive Order to tax all income over $25,000 at 100%. Congress rescinded his executive order. However, he was successful in an advocacy of lowering of personal exemption to $600 which pushed many into paying income tax for the first time.