May 15, 2018
May 5 was the 200th anniversary of the birth of Karl Marx. Although Republicans have universally used the occasion to point out Marx’s bloody legacy, they have failed to realize that they themselves are Marxist when it comes to income taxation.
At the end of section two of Marx’s Communist Manifesto, in addition to calling for the abolition of private property and the centralization of the means of production in the hands of the state, Marx called for “a heavy progressive or graduated income tax.”
From its very beginning, the U.S. tax code has sought to soak “the rich” with “a heavy progressive or graduated income tax.”
The income tax began with a 1 percent tax on taxable income above $3,000 ($4,000 for married couples) followed by a series of surcharges of up to 6 percent applied to higher incomes. The maximum rate of 7 percent was applied to taxable income over $500,000.
The tax rate in the highest tax bracket quickly increased to 67 percent in 1917 and 77 percent in 1918. It reached a whopping 94 percent in 1944 and stayed near or above 90 percent between 1950 and 1963. Although the top rate eventually came down, the progressive nature of the tax system remains to this day—thanks to the Republicans.The Free SocietyBest Price: $15.55Buy New $17.88(as of 08:50 EDT – Details)
According data from the IRS, for tax year 2015 (the latest ……..MORE!!!!!!!!!