Read and learn before you have the gall to fabricate an unintelligent response.
https://www.aier.org/article/real-history-american-income-tax
A Leftist's take: https://www.bostonglobe.com/opinion...ong-overdue/AULwxlT7ZGu4uuB7dkpXTJ/story.html
A sampling for simpletons :
"The high midcentury income tax schedule that Piketty is so fond of traces its own origin not to progressive wealth redistribution, but to another badly misguided attempt at revenue collection. In the midst of the Great Depression and facing mounting annual budget deficits, President Herbert Hoover proposed and signed the Revenue Act of 1932 in a last-ditch attempt to close the gap before the election.
It was this measure that inaugurated high rates, settling at 63 percent on income over $1,000,000. Although the measure only exacerbated existing strains on the economy, it handed Hoover’s successor Franklin D. Roosevelt an existing progressive tax rate structure that he further ratcheted upward to its midcentury peak."
https://www.aier.org/article/real-history-american-income-tax
A Leftist's take: https://www.bostonglobe.com/opinion...ong-overdue/AULwxlT7ZGu4uuB7dkpXTJ/story.html
A sampling for simpletons :
"The high midcentury income tax schedule that Piketty is so fond of traces its own origin not to progressive wealth redistribution, but to another badly misguided attempt at revenue collection. In the midst of the Great Depression and facing mounting annual budget deficits, President Herbert Hoover proposed and signed the Revenue Act of 1932 in a last-ditch attempt to close the gap before the election.
It was this measure that inaugurated high rates, settling at 63 percent on income over $1,000,000. Although the measure only exacerbated existing strains on the economy, it handed Hoover’s successor Franklin D. Roosevelt an existing progressive tax rate structure that he further ratcheted upward to its midcentury peak."
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