Sunday, February 23, 2014
It's the Revenue to the Federal Government, Stupid - Addendum 2
From 1921 to 1925, the top federal income tax rate was dropped on four separate occasions (from 77% to 58% to 50% to 46% to 25%) and, guess what, people. According to a 1982 study by the Federal Reserve Bank of Atlanta, the total amount of taxes paid by folks making over $100,000 a year actually skyrocketed by 86% (from 1921 to 1926) and their share of the total income tax burden also went up precipitously; 81% (from 28.1% of the total income tax burden to 50.9% of it)....Which leads me to ask of these progressives yet again, what is it that we're really trying to accomplish here? Fund the government, or act like a bunch of collectivist shits and socially engineer our way to yet another economic downturn?