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Subject:  Re: Could your retirement survive this? Date:  5/10/2008  11:46 AM
Author:  SeattlePioneer Number:  13053 of 22143

<<The socialist/far-left view which is evidently the view held by Obama & co. is that the default taxation rate is or should be 100%.

I guess you have to perpetuate lies like this to justify the views you hold.


The marginal income tax rates topped out at 95% during the 1940s-early 1960s, when even Democrats recognized the need to cut taxes.

That's close enough to 100% to support the charge that Democrats think (or at least thought) that 100% belonged to government by rights, perhaps giving those that earned it a small stipend upon which to live.

I recall a television biography of Joe Louis, who earned big bucks with prize fights but became horribly messed up by the IRS, who were trying to collect from him at these confiscatory rates. The IRS hounded him for decades for money, which he couldn't pay because the very high tax rates didn't give him a margin to pay penalties and such. The IRS finally made a settlement with him in the mid 1970s and quit making his life a misery.

Seattle Pioneer

Seattle Pioneer
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