Friday, August 28, 2009

New Deal Soaked the Rich, Middle Class, and Poor (again)

California Started the process of raising any tax it can we have cap and trade...Coral Gables florida has a budget shortfall and they think they can raise real-estate taxes and other local taxes. This is an interesting quote:

-Jim Powell
The New Deal was paid for mainly by the middle class and the poor. This was because excise taxes were the biggest revenue generators for the federal government. They applied to beer, liquor, cigarettes, chewing gum and other cheap pleasures enjoyed disproportionately by the middle class and the poor. Until 1936, excise taxes generated more revenue than the federal personal income tax and the federal corporate income tax combined. Not until 1942 — in the middle of World War II — did the federal personal income tax become the biggest revenue generator for the federal government.
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