Tuesday, March 23, 2010

A small history of just how high taxes have been

In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% (on all income over $200,000) in 1945. Top marginal tax rates stayed near or above 90% until 1964 when the top marginal tax rate was lowered to 70%. The top marginal tax rate was lowered to 50% in 1982 and eventually to 28% in 1988.




And of course it was easier to subvert as the world has only become smaller since then. Innovation, Evasion, Loopholes, growth and changes over time have resulted in a much more complicated tax system the fact is taxes were higher and will be again....
 
Check out the history of US taxes on Wikapedia if you want to know more....