> INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.Previous | First | 1 | Last | Next
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INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
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Re: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
AI Overview
Reality vs. The Numbers
Despite the massive nominal rate, economists generally agree that very few wealthy individuals actually paid 94% on their income. The code was riddled with legal loopholes, exemptions, and strategic tax shelters that kept the effective tax rate paid by the highest earners significantly lower.
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Guess Who!Re: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
wrote:
AI Overview
Reality vs. The Numbers
Despite the massive nominal rate, economists generally agree that very few wealthy individuals actually paid 94% on their income. The code was riddled with legal loopholes, exemptions, and strategic tax shelters that kept the effective tax rate paid by the highest earners significantly lower.
Well, it's still a start.
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Re: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
The statement is accurate regarding the tax rate, but the threshold is actually much lower.
In 1944, the top marginal income tax rate peaked at 94% on all taxable income exceeding $200,000
Who it applied to:
This tax rate didn't apply to total income; it applied only to the marginal income earned within that top tax bracket.
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Re: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
Guess Who! wrote:
Well, it's still a start.
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No. Scumbag.
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Guess Who!Re: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
wrote:
No. Scumbag.
It's cute. One day many years ago I called you a scumbag. So here we are. 
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SamplesBoiRe: INTERESTING FACT: In 1944, everything over today's equivalent of $4 million dollars was taxed at 94%.
It is even easier these days to dodge taxes with the internationalization of banking. Also when these very rich guys are willing to never sell stock and put off realizing their gains forever. Even in 1944 or whenever unrealized games were never taxed.
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