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Back in the 1940s in America there was a proposal for institutin…

Posted on January 19, 2017 by Shahid Bolsen

Back in the 1940s in America there was a proposal for instituting an income cap; to literally not allow anyone to make more than $25,000 per year (equivalent to about $300,000 today), by imposing a 100% tax on income higher than that. This was not proposed by members of the Communist Party, nor by Socialists or radical Leftists; it was proposed by the President of the United States, Franklin Delano Roosevelt, himself a very rich man.

Congress, of course, rejected the proposal, but Roosevelt was able to get a 94% tax on income over $200,000 per year, which played a significant role in the resurgence of the American economy after the Great Depression.

Today you have Trump who wants to repeal a 0.9% tax on income over $200,000 (which would have been about $2.5 million in Roosevelt’s time), that is being used to fund healthcare for ordinary citizens, because he thinks it is too costly; and Trump is called a “populist”. That gives you an idea about how far we have moved politically from any semblance of concern for the population.

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