Osiris-ODS
Diamond Member
- Jan 22, 2019
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Interesting note on this topic, FDR actually ran as a "small-government liberal," and made campaign promises to slash bureaucracy and cut spending. Instead, he ushered in the most collectivist big-government legislation in our nation's history, including the following (and resulting in a host of outspoken critics ranging from the far left to the right)
The Revenue Act of 1935 (increasing income tax to a max tax bracket of 75%, and adding "wealth tax" on inheritance)
The Revenue Act of 1936 (adding new tax on "undistributed corporate profits," thereby resulting in double taxation via personal income tax once profits were distributed)
The Revenue Act of 1937 (revising tax code and tax regulations to eliminate avoidance of the income tax expansions in the Revenue Acts of 1935 and 1936)
The Revenue Act of 1942 (adding the Victory Tax--"the broadest and most progressive tax in American history," which included an additional 5% tax on all individual incomes over $624--as well as increasing the maximum personal income tax bracket to 88%, and ushering in the current era of paycheck withholdings by requiring employers to withhold money from employees' paychecks for the stated purpose of creating a regular flow of revenue into the Treasury).
The Revenue Act of 1935 (increasing income tax to a max tax bracket of 75%, and adding "wealth tax" on inheritance)
The Revenue Act of 1936 (adding new tax on "undistributed corporate profits," thereby resulting in double taxation via personal income tax once profits were distributed)
The Revenue Act of 1937 (revising tax code and tax regulations to eliminate avoidance of the income tax expansions in the Revenue Acts of 1935 and 1936)
The Revenue Act of 1942 (adding the Victory Tax--"the broadest and most progressive tax in American history," which included an additional 5% tax on all individual incomes over $624--as well as increasing the maximum personal income tax bracket to 88%, and ushering in the current era of paycheck withholdings by requiring employers to withhold money from employees' paychecks for the stated purpose of creating a regular flow of revenue into the Treasury).
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