Oh, Yes, but somehow the Congress still has suits, it is those who are paying the taxes that Congress is imposing that are losing their shirts. Deficit Spending at work!
To be fair, the newest taxes do not impact the majority of Americans. And those whom they do touch can more than afford it.
Let’s remember that the highest tax bracket during the Eisenhower administration was 90%.
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?
WillBerry over 15 years ago
Oh, Yes, but somehow the Congress still has suits, it is those who are paying the taxes that Congress is imposing that are losing their shirts. Deficit Spending at work!
cdward over 15 years ago
To be fair, the newest taxes do not impact the majority of Americans. And those whom they do touch can more than afford it. Let’s remember that the highest tax bracket during the Eisenhower administration was 90%.
WillBerry over 15 years ago
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?