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Jonathan Ganz wrote:
In article , Martin Baxter wrote: "Capt. JG" wrote: You figure Gates worth $65 billion, that's still a pretty good number, one percent, I'd certainly take it, however, our tax rates have never been nor had to be that high (well, not until Bush created a deficit from a surplus maybe). I think you'll find that the marginal tax on the very rich in the early 60s was about 85%, resulting in an effective rate of nearly 50%. Now the marginal is something like 35% and the effective rate is less than 15%, zero for some. See http://www.truthandpolitics.org/top-rates.php (in 1944 it was as 94%!!!!) Yup... of course, people didn't have even close to the equivalent of $65 billion. According to the History of the Income Tax in our almanac, the federal income tax was first enacted in 1862 to support the Union's Civil War effort. It was eliminated in 1872, revived in 1894, then declared unconstitutional by the Supreme Court the following year. In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. Federal taxes were enacted to finance federal issues like war. How did we get here? And more interestingly, how did we ever survive before 1862 or between 1872 and 1913? Who is John Gault? |
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