Now HERE is some food for thought!

[horizon200]

Take a gander at the tax rates for 1944! Lowest deductions and highest rates.

Note:For 1944-1945, the highest tax rate (column 6) was subject to a maximum effective rate limitation equal to 90 percent of statutory “net income.”

Historical Tax Rate Tables From The IRS

[bluberry]

Would be interesting to see which party was in power when the rates went up or down....now that would start a discussion wouldn't it.

[kayt707]

just had to one up me
well it was during WWII....FDR still in the White House(for his 3rd term) but I
would have to look up congress

[horizon200]

Originally Posted by bluberry

Would be interesting to see which party was in power when the rates went up or down....now that would start a discussion wouldn't it.

Presidents
1913-1921 Woodrow Wilson Democrat Top Taxes implemented and raised from 7%-70%
1921-1923 W G Harding Republican Top Taxes decreased from 70%-43.5%
1923-1929 Calvin Coolidge Republican Top Taxes decreased from 43.5% to 24%
1929-1933 Herbert Hoover Republican Top Taxes raised to 63%
1933-1945 F D Roosevelt Democrat Top Taxes raised to 94%
1945-1953 Harry S. Truman Democrat Top Taxes decreased to 91%
1953-1961 Dwight D. Eisenhower Republican Top Taxes remained at 91%
1961-1963 J F Kennedy Democrat Top Taxes remained at 91%
1963-1969 Lyndon B. Johnson Democrat Top Taxes decreased to 70%
1969-1974 Richard M. Nixon Republican Top Taxes remained at 70%
1974-1977 Gerald Ford Republican Top Taxes remained at 70%
1977-1981 Jimmy Carter Democrat Top Taxes remained at 70%
1981-1989 Ronald Reagan Republican Top Taxes decreased to 28%
1989-1993 George Bush Republican Top Taxes increased to 39.6%
1993-2001 Bill Clinton Democrat Top Taxes remained at 39.5%
2001-2009 George W. Bush Republican Top Taxes decreased to 35%

Of course the taxable income varied substantially throughout these time frames as well.

[Just Lucky]

Originally Posted by horizon200

Presidents
1913-1921 Woodrow Wilson Democrat Top Taxes implemented and raised from 7%-70%
1921-1923 W G Harding Republican Top Taxes decreased from 70%-43.5%
1923-1929 Calvin Coolidge Republican Top Taxes decreased from 43.5% to 24%
1929-1933 Herbert Hoover Republican Top Taxes raised to 63%
1933-1945 F D Roosevelt Democrat Top Taxes raised to 94%
1945-1953 Harry S. Truman Democrat Top Taxes decreased to 91%
1953-1961 Dwight D. Eisenhower Republican Top Taxes remained at 91%
1961-1963 J F Kennedy Democrat Top Taxes remained at 91%
1963-1969 Lyndon B. Johnson Democrat Top Taxes decreased to 70%
1969-1974 Richard M. Nixon Republican Top Taxes remained at 70%
1974-1977 Gerald Ford Republican Top Taxes remained at 70%
1977-1981 Jimmy Carter Democrat Top Taxes remained at 70%
1981-1989 Ronald Reagan Republican Top Taxes decreased to 28%
1989-1993 George Bush Republican Top Taxes increased to 39.6%
1993-2001 Bill Clinton Democrat Top Taxes remained at 39.5%
2001-2009 George W. Bush Republican Top Taxes decreased to 35%

Of course the taxable income varied substantially throughout these time frames as well.

This isn't the entire story. I know some very wealthy people who own a substantial amount of Exxon stock. they pay no income tax..period. There is currently no tax on dividends. Please give them some thought the next time you fill up.

[Just Lucky]

Originally Posted by Just Lucky

This isn't the entire story. I know some very wealthy people who own a substantial amount of Exxon stock. they pay no income tax..period. There is currently no tax on dividends. Please give them some thought the next time you fill up.

I mispoke here I didn't want to mislead. There is a tax on dividends. These folks have deductions which allow them not to pay taxes as I understand it.

here's a liitle info:Warren Buffett slams dividend tax cut plan - May. 20, 2003

[roni]

I am proud to pay every penny of taxes I owe.

I earn money and interest and dividends

I deduct mortgage interest and charitable contributions.

Almost all of my investing is in tax deferred accounts.

My financial life is simple.

So am I

[horizon200]

Originally Posted by Just Lucky

I mispoke here I didn't want to mislead. There is a tax on dividends. These folks have deductions which allow them not to pay taxes as I understand it.

here's a liitle info:Warren Buffett slams dividend tax cut plan - May. 20, 2003

That Buffett guy acts like he understands money or something! He obviously hasn't talked to any politicians lately...they'll set him straight!