Thursday, March 03, 2011

Tax rates during FDR's time.

With the situation in Wisconsin and the attempt by Gov. Walker to stop Collective Bargaining by State employees. I watched today a conversation on Cable news where people were quoting FDR and that he was against Unions back in those days and said he didn't think employees should have the right to strike if they were government employees. So I thought tonight I would shed some historical perspective to what pundits are claiming was the situation. So this below from Wikipedia about what was the tax rate back then compared to now.:

During World War II, Congress introduced payroll withholding and quarterly tax payments, Franklin D. Roosevelt tried to impose a 100% tax on all incomes over $25,000 to help with the war effort. For tax years 1944 through 1951, the highest marginal tax rate for individuals was 91%, increasing to 92% for 1952 and 1953, and reverting to 91% for tax years 1954 through 1963.

So when they discuss Union rights one must take into account that the tax rate back then for top earners was 91%. It was much more fair, although there were tax loopholes. Today's top tax rate for the wealthy is only 35%.

The issues in Wisconsin are complicated but focusing on breaking the Unions does not serve the State. Get on with governing and stop the drama!

Labels: , , , , ,

0 Comments:

Post a Comment

<< Home

Technorati Profile