
Given these tax rates, why would anybody bother to do anything at all????
When the Beatles were the biggest band in the world, they were in a 95% tax bracket
Modern Income Tax
The Modern Income Tax started in 1913 at a modest 1% rate and that 1% tax applied only to Rockefeller types.
By 1918 it was 77% to finance WWI which the US should never have been involved in, the war to end all war, that ended up being the war that never ended at all.
In the name of “fairness” President Franklin D. Roosevelt idiotically proposed a 100% tax on all incomes over $25,000.
In the wake of WWII marginal rates got as high as 94% on incomes above $200,000.
Rates have generally been falling since 1964 when the top rate was lowered to 70%.
70%.
Gee, thanks.
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Oremus pro invicem
Always Faithfully,
Jack Begg
Oremus pro invicem
In the name of God
Amen