We'll continue to pump money into the economy TV
cdward : Are you dreaming? The newest taxes effect anyone who, as a couple, makes over $110,000, which is where the rate change begins. That is two people making $55,000 per year GROSS. That is a WHOLE LOT of people out here, and my wife and I, together, are not what I can rich! Yes, the top rate, to cover those with an income of $250,000 or more, will go up to 39.6% but note : In the Eisenhower Administration, which you quote, the highest bracket was for people making, in today’s equivalent, 5-10 million dollars, not $250,000.
I quote Wikipedia : “In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000) in 1945. During World War II, Congress introduced payroll withholding and quarterly tax payments, Franklin D. Roosevelt tried to impose a 100% tax on all incomes over $25,000 to help with the war effort. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%.”
I wonder how long it will be until The Great Impostor will follow FDR’s example?