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income tax 90% on rich after WWII

I heard on the radio, that after WWII we raised the tax on the rich to 90% to pay for the war. So I'm wondering if anyone has any insight as to what actually happened?




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It's not the amount that

It's not the amount that matters per se; it's what's collected. To take this more to the extreme, a 100% income tax would bring in no money, for the simple fact that no one would work, people would find ways to subvert it, etc.

malo periculosam libertatem quam quietum servitium

I am an aristocrat. I love liberty; I hate equality. - John Randolph of Roanoke

There were high tax rates back in the day

but you literally wrote off everything.

In fact, tax rates were *better* then than today because of the deductions which were allowed.

Here's a great link from Mises reviewing tax myths

http://mises.org/Community/forums/p/20597/378139.aspx

"It does not take a majority to prevail but rather an irate, tireless minority keen on setting brushfires of freedom in the minds of men."

--Samuel Adams

Thanks

That's good to know. Although it's be nice to know what sort of things were specifically done to point out the absurdity.

Bingo! Peter Schiff also

Bingo! Peter Schiff also tried to convey this to Occupiers but naturally some are harder to reach then others.

Commerce with all nations, alliance with none, should be our motto. - T. Jefferson rЭVO˩ution

"Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” - BASTIAT