bank secrets

[Jester]

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%.

That appears to be correct. My statement that 79% was a peacetime rate was in reference to FDR, not US tax rates for all time. However, given that the postwar years in the US were among the most prosperous ever experienced by any country at any time, I'm not sure that the 91% top marginal tax really scares me all that much.

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.

So, the idea is that taxes are not primarily to raise funds for the government, but rather a conspiracy to keep down the McDonald's worker so he doesn't save his money and become rich? That's very... Marxist.

-Jester