The fear of the far right is the raising of tax rate to 39.1% on people who make over $250,000 a year. They are calling this socialism. Which, by the way is interesting. Some historical facts. Income tax was instituted in 1913. The modern U.S. income tax was enacted in 1913, following ratification of the Sixteenth Amendment
to the Constitution. For about 30 years thereafter, until the advent of World War II, the tax applied only to high-income individuals. With the advent of World War II exemptions were sharply reduced and graduated tax rates for ???regular tax??? were sharply increased, the top rate, at one point, to 94 percent for American Citizens earning over $200,000 a year.
94% folks - according to the IRS schedule this tax rate was applied to anyone earning over $200,000 a year. And, you are moaning over a tax rate of less than 40% on income over $250,000 a year.
Now I will let all of you figure out how much you would pay in taxes in 1944 (that is when we had the 94% tax rate on income over $200,000.









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