Re: FirstRateCrowd's EIRA

Posted: Mon Mar 04, 2019 12:11 pm, #21
by Jessica
Elizabeth Warren and Alexandria Ocasio-Cortez were not the first to want to tax the rich. FDR proposed a 100% tax on the rich and finally settled for a 94% marginal tax rate.

Daily Kos
FDR's Proposed Marginal Tax Rate Was 100%
chloris creator ,Sunday February 24, 2013 https://www.dailykos.com/stories/2013/2 ... te-Was-100
Roosevelt’s debt ceiling battle actually began right after Pearl Harbor. The nation needed a revenue boost to wage and win the war.

FDR and his New Dealers wanted to finance the war equitably, with stiff tax rates on high incomes. How stiff? FDR proposed a 100 percent top tax rate. At a time of “grave national danger,” Roosevelt told Congress in April 1942, “no American citizen ought to have a net income, after he has paid his taxes, of more than $25,000 a year.” That would be about $350,000 in today’s dollars.

FDR "settled" for a marginal tax rate of 94%.

Makes today's super-wealthy seem pretty whiny and greedy, doesn't it?
If I recall correctly, FDR privately told the rich to pay up or the rest of the country would revolt and turn to communism; then the elite would loose all their wealth and power. By putting their collective nuts in a vise and slowly squeezing, he made them pony up.

Go AOC!