In response to the recession starting in 1929, Hoover INCREASED income taxes. Hoover and Congress almost TRIPPLED them in 1931, raising the top marginal rate at 1,000,000 from 25% to 63%. The bottom rate for $4000 went from 1.5% to 4%.
FDR the First then implemented all sorts of programs to increase the size of government. FDR the Second is attempting to now mimic FDR I (although since he let Pelosi write the bill, I’m sure it’s nearly thought out as well as FDR I.)
The recession lingered. In 1935 FDR I decided to balance the budget and so raised taxes again from the top marginal rate of 63% to 79% at $5,000,000. These increases reached downward to about $50,000 (was 34%. became 35%).
These increase then plunged the markets and economy once again until 1941.
Personally, I think that the the current taxation system should be abolished. The tier system of taxation is just plain wrong. I say go back to the older system of everybody pays the same percentage. I am just a plain old working stiff that tries to make a better life. But, the more I work, the more I pay at a higher rate. I also think that most of those tax deductions/breaks need to go away too. Example: 20% is 20% of whatever you make.
I think if you re-read my post, you will see that I said MOST and NOT ALL. I personally don't have any deductions except for myself. I said what I said, and, i am going to stay with what I said.
Semantics. My point is simply that each of those deductions has an economic impact.
I paid the least taxes of my life the years that I made the most money. I also had a weekly payroll approaching $100k. As has been said in previous posts, if you want to take those deductions away, so be it. Just be prepared for the economic backlash.
I didn't get a stimulus check the last time. I made too much as an individual? That's what I get for working I suppose. So, if they decide to do that again, I will not count on one. Maybe, mine went to someone who doesn't work or pay taxes. hmmmmmm
Why? Because some asshole beancounter in the government thought I made too much money!! I worked my ass off that year only to be told that I "didn't" deserve a stimulus check! It only short-changed my recent Fav as I would have spent it all on her anyway.
Undoubtedly, my hard-earned tax monies probably went to some welfare-pulling, tax-dodging, food stamp grubbing, unemployed person instead. Isn't that fucking special!
In response to the recession starting in 1929, Hoover INCREASED income taxes. Hoover and Congress almost TRIPPLED them in 1931, raising the top marginal rate at 1,000,000 from 25% to 63%. The bottom rate for $4000 went from 1.5% to 4%.
FDR the First then implemented all sorts of programs to increase the size of government. FDR the Second is attempting to now mimic FDR I (although since he let Pelosi write the bill, I’m sure it’s nearly thought out as well as FDR I.)
The recession lingered. In 1935 FDR I decided to balance the budget and so raised taxes again from the top marginal rate of 63% to 79% at $5,000,000. These increases reached downward to about $50,000 (was 34%. became 35%).
These increase then plunged the markets and economy once again until 1941.
Simply the Obama worshippers in the media, basically the entire media, will promote the stimulus as successful no matter what the result is. Propaganda will be heavy that a lesser standard of living is ok, it makes us more one with the world.
All happenings that occur that show the economy in a shaky way will be censored by the media, it will be surreal in a way for people having personal experiance that show things in reality as the media paints a false picture.
After things either get better or the people are convinced that things are then they can start with their social engineering programs,unleashing the flood from Mexico full bore, and calls for term limits to be elminated so Obama can be president for life.
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