Need Another Reason NOT to Trust a Politician
Many Arlingtonians accept that government is good, and is to be trusted. Au contraire! A look at history should dissuade them of that idea. Look no further than at how the top and bottom federal individual income tax brackets have changed since the income tax first became law in 1913.
The National Taxpayers Union posted a great table at their website that traces the changes over time. For the first three years after the income tax became law in 1913, the “bottom rate” was 1% on taxable income up to $20,000 while the “top bracket” was 7% on taxable income above $500,000. By 1918 when World War I ended, the bottom rate was 6% on taxable income up to $4,000 with the top rate set at 77% on taxable income above $1 million. The “highest ever” top rate was 94% during the last two years of World War II. [The source for the NTU table is a March 2001 study (Adobe required) by Congress' Joint Committee on Taxation]. But don't think those rates drop much when the war is over, though. They don't!
When President Reagan entered the White House in 1981, the highest bracket was 69.125%, but was only 28% when he left office in 1989. Despite lowering the top bracket, federal tax revenues were significantly higher when he left office.
Talk about getting sold a bill of goods back in 1913. No wonder the so-called liberals, aka progressives, don’t want kids studying American history.
HT Rush Limbaugh.