Tax Increase

[manning]

Depression era tax rates

1929 lowest bracket .375% highest bracket 24%

1930-1931 lowest bracket 1.125% highest bracket 25%

1932-1935 lowest bracket 4% highest bracket 63%

1936-1939 lowest bracket 4% highest bracket 79%

1940 lowest bracket 4.4% highest bracket 81.1%

1941 lowest bracket 10% highest bracket 81%


The depression was broken with the outbreak of WW2.

My dad was a pipe fitter in the '50s and tax rates were still high. I remember him turning down overtime saying why should I be working for the government. Most of what he would have earned would have gone to taxes.

 

[rayelias]

Depression era tax rates

1929 lowest bracket .375% highest bracket 24%

1930-1931 lowest bracket 1.125% highest bracket 25%

1932-1935 lowest bracket 4% highest bracket 63%

1936-1939 lowest bracket 4% highest bracket 79%

1940 lowest bracket 4.4% highest bracket 81.1%

1941 lowest bracket 10% highest bracket 81%


The depression was broken with the outbreak of WW2.

My dad was a pipe fitter in the '50s and tax rates were still high. I remember him turning down overtime saying why should I be working for the government. Most of what he would have earned would have gone to taxes.

Many economists have speculated that the 1st depression in the 30's would've been over much faster if not for the massive tax burden and the 2nd depression could've been avoided all together.

Contrary to popular belief, FDR did not save us from the depression. WWII did. As a matter of fact, FDR's big government socialist policies prolonged the hurt for America - and the world.

 

[mirmartinez]

In school we were taught it was caused by significantly unequal distribution of wealth.

 

[rayelias]

In school we were taught it was caused by significantly unequal distribution of wealth.

You were taught incorrectly.

 

[kirbsam]

In school we were taught it was caused by significantly unequal distribution of wealth.

i assume you are joking about that.

 

[RitaE]

In school we were taught it was caused by significantly unequal distribution of wealth.

Not what I learned

I learned

debt, banks making bad business loans which caused the banks to fail and the general public to lose their deposits which greatly harmed the economy, the drought, trade policies which resulted in it being difficult for American businesses to export goods, then over speculation in the stock market after a period of over exuberant run-ups in price (the roaring 20's) .......

crap, I just just scared myself.

 

[manning]

On reading about the 1929 depression I came across this interesting tidbit it says

Amazingly, doing nothing often seems to be the correct response. The Depressions of 1907 and 1920 were both over within a year, even though the Federal government did virtually nothing in response.


Maybe some are right when they say keep government out of this.

 

[ntsammy5]

and the 2nd depression could've been avoided all together.

Huh????? What second depression?

 

[RitaE]

Huh????? What second depression?

There was a Depression in the 1800's that is referred to as The First Depression.

Most people think of "The Depression" as "The Great Depression" from 1929 to 1941 or so.

 

[rayelias]

Huh????? What second depression?

Some economists agree that there were 2 distinct (but linked) depressions during the 1930's. Don't quote me on it, but I believe 1932 and 1937.