Once upon a time, we didn't have income taxes. We ran the entire government on import tariffs, such as our friends importing 'junk' luxury care are accused of evading.
Then in 1913, we decided to Tax The Rich. Those with incomes over 500k (in 1913 dollars) had to pay income tax. The bottom tax bracket was 1%, the highest was 7%. But the tax camel's nose was in the tent. In 1916, the Revenue Act doubled taxes, now the tax rates were 2-15%. So 1917's federal budget was nearly as much as the country spent in total from 1791-1916. In October 1917, the War Revenue Act not only drastically raised taxes, it slashed exemptions from 500k to 40k. Tax rates jumped from 2-15% to 16-67%. Yep, if you made more than 1.5Million, you faced a confiscatory tax rate of 67%, up from 0% just five years earlier. https://www.history.com/this-day-in-history/war-revenue-act-passed-in-u-s _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
