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View Diary: You won't cut Pentagon budget by targeting troops (90 comments)

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  •  Not true, it was FDR that asked Congress for (0+ / 0-)

    a 100% top income tax marginal rate upon annual incomes over $300,000 specifically in order to prevent war profiteering. Congress didn't give him the 100% top marginal tax rate he was asking for but did increase the top marginal tax rate to 92%. The top marginal income tax rate remained over 90% until 1964 when LBJ signed the Income Tax reform law proposed by JFK that lowered the top marginal rate to 76% but actually increased the effective tax rates for the very wealthy by eliminating many loopholes that had developed to get around the high top marginal tax rate.

    Really don't mind if you sit this one out. My words but a whisper -- your deafness a SHOUT. I may make you feel but I can't make you think..Jethro Tull

    by RMForbes on Wed Feb 26, 2014 at 11:41:50 AM PST

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