Wednesday, April 19, 2006

taxes, then and now

The Chimp is Smirking at me

the last line of this quote says a lot.

When the federal income tax law was enacted in 1913, the tax rate was set at 1
percent for income up to $20,000 to 7 percent on income above $500,000. It
exempted the first $3,000 of income for single wage earners, $4,000 for a
married couple. In today's dollars, that $4,000 exemption would be worth
$76,000. Only 1 percent of Americans made enough money in 1913 to pay
And i like this plan, 94% tax rate for people making over $750,000 (i rounded) a year. hell yeah.
here's another great point.
In the 1950s, the top individual tax rate remained 91 percent on all income
over $400,000. In the 1960s, it was lowered by President John F. Kennedy to 70
percent. Far from being a drag on the economy, the period between 1945 and 1973,
when the United States had its highest tax rates on personal and corporate
income, the nation saw its most rapid economic growth and the narrowest gap
between rich and poor.
ok im in the lower class and there fore i need to get back to work but this is a great article so read it.
shit i just did my taxes so I know that im working full time and im not much above the poverty level. I pretend im not but im a broke motherfucker.

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