The “Land of Opportunity” changed in 1913 and
the government began to steal the fortunes built by the families who built our
economy.
The 16th Amendment allowed the
federal government to tax income. The
Revenue Act of 1913 established the income tax to be 1% of incomes above
$3000. By 1918, the tax code was amended
to include a 77% tax on incomes over $1 million a year. The top rate was lowered to 58% in 1922. By 1945, the top rate was 94% of incomes
above $200,000. In 1964, the top rate
was lowered to 70%. In 1986 the top rate was lowered to 32%. In 1993 the top rate went to 39.6%. In 2001 the top rate was lowered to 35%. https://en.wikipedia.org/wiki/Taxation_history_of_the_United_States#Pre-16th_Amendment
Estate Taxes
When those who built large family businesses in
the late 1800s died, estate taxes took most of their fortunes. Foundations and Trusts were allowed to give
these families the choice to donate their family fortunes to Foundations and
set up Trusts for family members.
Were it not for income taxes at 77% and estate
taxes at over 40%, most of these business founders would have kept their
fortunes invested in the family businesses, with their heirs as owners.
Large family farms and ranches had to sell
their land to pay the estate taxes and agribusinesses bought that land.
Foundations
These Foundations are almost totally controlled
by Marxists. They were initially funded
by families who believed in free markets and the private economy, but now they
promote Communism for the US.
Norb Leahy, Dunwoody GA Tea Party Leader
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