The T
George S. Patton Party
Not to mention giving Unions an excuse for raising what they are paid.The first time the U.S. implemented a maximum wage was in 1942, when President Roosevelt said that no American citizen ought to have an income, after he has paid his taxes, of more than $25,000 a year, the equivalent of $315,000 today.Maximum Wage Law Passes Congress
Some version of a maximum wage law was in effect until 1980. Before 1964, income over $400,000 in todays dollars faced a 91 percent federal tax rate, and the top-bracket tax rate never dipped below 70%. Under Reagan, the top tax rate slid down to 28 percent.
So, if taxing income in excess of (at the time) $25,000 at 91% isn't a maximum wage, what is it?
It's a way to encourage hiding income, evasion, and other tricks.
You fail.
Again.