When I left NJ to go on active duty in 1969 they had great public schools and no income tax. Now it seems the reverse and I haven't been back in 35 years.
> -----Original Message----- > From: Mercedes [mailto:mercedes-boun...@okiebenz.com] On Behalf Of > Mitch Haley via Mercedes > Sent: Tuesday, April 16, 2019 8:23 AM > To: Mercedes Discussion List <mercedes@okiebenz.com> > Cc: Mitch Haley <mi...@mitchellhaley.com> > Subject: Re: [MBZ] Tolulope Rahman Salam and Ibrahim Shehu > > 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 _______________________________________ 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
