Everyone these days is talking about taxes and what the Government can do. I'm not going to take sides in that debate right now, but here is a quick/depressing look at history.
1776 - 1861: NO TAXES! That's right, no income tax. Our founding father truly loved us so much that they didn't want to subject us to government based thievery.
1862 - 1872: Abraham Lincoln had to pay for the civil war, so he made a 3-5% income tax. In 1872 when the war was paid for, it was repealed.
1873 - 1912: NO INCOME TAXES!
1913-1916: Income taxes are reinstated and rise from 1-17% in 4 years.
1917-1920: taxes (for the upper class) range from 67-77%! I don't know the exact number for the middle class, but I'm sure they are equally upsetting.
1921: President Harding comes to office and drops tax rates down to 56%
1923 - 1931: More republican presidents drop the tax rates down to 24% on the high end.
1932 - 1939: Due to the Great Depression, the IRS hikes the upper class tax bracket to 63%, then later to 79%
1939 - 1945: Due to WWII, a couple things happened here. Taxes were raised to 81-94% to cover war costs, and they also began requiring employers to take money out of pay check before they make it to the employee.
1945 - 1963: Taxes drop to 81% for a few years, then back up to 91%.
1964 - 1980: Taxes drop to 77%, then to around 70%
1981 - 1988: RONALD REAGAN! Say what you will about him, but here is what I know - this president dropped taxes from 70% to 28%!
1989 - 1996: Under Bush #1 and Clinton taxes go back up to near 40%. So much for "No New Taxes."
1997 - 2012: Bush #2 brought it down to 35% where it remains today.
I don't know about you, but I cannot fathom the idea of paying 94% in taxes! Can you? Well here is a thought for you: The only things stopping this from happening in our lifetime are the people we vote into office. So take a look at people's tax plans before you vote, or the people that you vote for might be taking money from your pocket!
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