04-01-2009, 04:17 AM
Quote:The 79% rate was a peacetime rate.Well, actually, in 1945 the top rate dropped to 91% until 1964. "In 1964 the top rate was decreased to 70% (1964 Revenue Act), then to 50% in 1981 (Economic Recovery Tax Act or ERTA). "
Then it went to 28% for 4 years, until the 1990's when it went up to 39.6% until 2001, when it dropped to 35%.
As a wage earner in order to get wealthy, you either need to be innovative, or earn well above the average wage earner and make sound investments. In my view, the system is designed to keep wage earners poor. Big business likes having lots of poor competitive wage earners to keep wages low. If everyone were able to become wealthy, then we'd have to open the borders and let in more poor wage earners.