Missouri_Mike
Diamond Member
- Nov 5, 2012
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Shockingly when WW2 started. I wonder what helped more. The high tax rates or the war.The depression lasted for another 7 years after that.FDR imposed no federal wealth taxes and the states that have imposed them later repealed them and for good reason:If the only property rights you and I enjoy are those sanctioned by government, then those rights should be determined on the basis of one vote per citizen and not one vote per (corporate) dollar. When political pressure from below forced FDR to impose high taxes on wealth and business...Property rights are a construct of government. What is your point? Are you suggesting that because government enforces rules regarding property that they should also have broad powers to dictate our economic decisions? Why?
Wealth tax - Wikipedia
Wealth tax - WikipediaRevenue Act of 1935 - WikipediaFDR imposed no federal wealth taxes and the states that have imposed them later repealed them and for good reason:
"The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent of the highest incomes.[1]
"It was signed into law by President Franklin D. Roosevelt.
"The 1935 Act also was popularly known at the time as the "Soak the Rich" tax.[2] To solve the problem of tax evasion through loopholes, the Revenue Act of 1937 revised tax laws and regulations to increase the efficacy of the tax.[1]"
Stock Photo - ROOSEVELT CARTOON, 1934. /nPresident Franklin D. Roosevelt displaying some interest in adopting the 'Share the Wealth' (i.e. soak the rich) programs of Senator Huey P. Long
Did you learn anything?