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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (1393967)	3/9/2023 5:09:36 PM
From: Maple MAGA	1 Recommendation Recommended By Mick Mørmøny Respond to of 1574490

That is correct. During World War II, the U.S. government implemented a series of tax increases to finance the war effort. The Revenue Act of 1942 increased the number of people paying income taxes by lowering the income threshold and expanding the number of income brackets. By 1944, nearly two-thirds of all Americans were paying income taxes. Additionally, the tax rates for high-income earners were raised significantly. The top marginal tax rate reached 94% in 1944, applying to any income above $200,000 (which is equivalent to around $2.4 million in 2009 dollars adjusted for inflation). This was the highest marginal tax rate in U.S. history, and it remained at that level until 1964. These tax policies helped fund the war effort and also helped reduce income inequality by redistributing wealth from the top earners to support the war and government spending. The high tax rates on the wealthy also encouraged them to reinvest their income in their businesses rather than taking it out as personal income, which in turn contributed to economic growth and job creation.