Interesting tax history
In 1932, during the Great Depression, Congress raised the maximum Individual Tax Rate to 63 percent. In the 1940s, when there was a war on, the rate was raised to 94 percent. In the 1950s through 1980 the maximum ITR was never below 70 percent.
Now from the 1940s to 1980, the American economy was heralded as a model for the world.
Prosperity was rampant, and things were only going to get better.
However, from the 1980s through today, it is quite a different story.
Stagnant wages, two-income households to make ends meet, and a rising income gap between the well to do and the rest of society, are just some examples. And in that same time the maximum individual tax rate has gone down from 69 percent to 35 percent.
This tells me that the current maximum individual tax rates are not designed to sustain a healthy economy for the majority of taxpayers.
Submitted by Virtual Newsroom