100 Years of Income Taxes (a Simple Infographic)

How’d you like to pay 94% of your income to the federal government? I don’t care how rich one is. That is criminal. (Even if no one really paid 94%.)

Believe it or not, this pretty good data comes from Whitehouse.org. I think they were trying to make a “fair share” point. See rates were higher back in the good old days (but I thought they weren’t so good) so we should have higher taxes on income now so that the government can “generate revenue,” i.e., take more of your stuff legally.

My feeling is that the whole debate is moot since the Fed is just printing like mad anyway. I mean, why not just lower the tax rates to 0% and let the Fed print us the money we need instead. But, oh my, that would be reckless.

Another important point to be made about taxes is that income taxes are paid by those out there working. Those of us who hustle our posteriors to make clients happy and build our businesses and make sales are the ones who pay income taxes.

It’s not the rich. And I don’t mean the “wealthy.” I mean the rich.

As Ludwig von Mises observed, many who are rich have no problem at all with high rates of income tax. Their wealth is locked away in land and other investments. What better way to keep the “new rich” in their place than by taxing their income?

(Click HERE for a larger version of the infographic below.)

8 comments
Aidan Haggerty
Aidan Haggerty

Notice that when the rates go down the economic recession/depression ends...but Obama isn't going to do that.

SallyGardner
SallyGardner

I am dizzy from the graph, it is not very legible onscreen but I think I get your point. I somehow wish you weren't saying I have paid 94% of my income to taxes and lower income payments to all my cost of living and expenditures that have all been taxed after my taxes were paid to US Treasury. Oh, I am getting dizzy again thinking about it. But whoever you are, good work. Keep it up. Love.

 

Stephen Faust
Stephen Faust

I think in the Hostess case.....the products are falling out of favor. The products are not as good tasting as they were years ago. Wonder bread does not sell as it did in the 60's and 70's.......it's economic evolution. So, as product costs go up and sales decline.....if you are still going to make these products, the only other place to control is labor. These products will still continue to decline and the issue of company staying in business would have continued.

Lynne Black
Lynne Black

(freeze up_) all the while running the company into the ground, resulting in workers having to lose pay, bonuses, commissions, and even their jobs...sadly with lose of everything else in the process. The CEO fails make

Lynne Black
Lynne Black

If you look at the ratio of increase in worker pay vs the increase in CEO pay it is, I believe, skewed to far... successful CEO's are usually successful because of the people who work for them..not because they are really special. I agree there are a few "water walkers" who are ahead of their times & contemporaries; however, it seems of late most are mediocre at best. If they were in fact "worth their weight in gold", the US economy wouldn't be in the shape it is in now. There have been too many focusing on thier f golden parachutes in the last few years. wehere ..

Against Crony Capitalism
Against Crony Capitalism

I particularly object to the 50 million payout Frank Reines got for "running" Fannie Mae right into the ground (with help from the govt.) Fannie Mae was implicitly backed by the taxpayer. The CEO, especially one who preformed so poorly should have never been paid like this. - To the degree to which CEOs have been able to game the inside system through fraud (even the legal kind) you have a point and a very important one. But it is not criminal to make a lot of money.

Against Crony Capitalism
Against Crony Capitalism

Why is that Lynne? I think it very much depends on the situation. Was the company subsidized? Was it profitable? Did it take care of its employees? Was the company "closely held" or not. Don't get me wrong I think there is all sorts of nastiness in a large swathe of CEO pay. But just because they are paid well doesn't mean they don't deserve it. - Sometimes clearly they don't. Other times they do. Did Steve Jobs deserve his salary?

Lynne Black
Lynne Black

It is criminal the "HIKE" in CEO salaries since the 1980's..