via @OccupyWisdom :
Let’s see how the New Deal / ‘Soak the Rich’ tax policy of the 1930-1940s affected the poorest Americans:
Baseline – 1929
Poorest paid 1.5% on 0 – $4,000 (median income $1,400 p/y).
1932 Depression/New Deal
FDR raises income taxes (basically tripled) on poorest Americans from 1.5% to 4%.
Taxes on poorest raised to 10% on first $2,000 & 13% on 2nd $2,000
Poor Americans now pay 11.5%, so about a 10x increase on the poorest in 11 years.
Taxes on poorest raised to 19% on 1st $2,000 & 22% on next $2,000.
Poor Americans now pay 21%, almost a 20x increase in 13 years.
Taxes on poorest raised to 23% on 1st $2,000 & 25% 2nd $2,000.
Poor Americans now pay 24%, about a 20x increase in 15 years.
4/ The best part?
Due to monetary inflation, the median income doubled from 1929-1944. So inflation and taxes utterly punished the poor and middle class.
Learn from history before you vote to soak the rich, you’ll soak yourself.
Related Posts:We truly are under attack. We need user support now more than ever! For as little as $10, you can support the IWB directly – and it only takes a minute. Thank you. 201 views