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Historical Business Tax Data During Depressions and Wars

By       Message Leon Thompson     Permalink

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At the time of the Great Depression, 1929-1940, taxes on the wealthy and business "increased" each year from 24% to 81%.  In essence," business" tax cuts did nothing to overcome the recession then, and will do the same in 2009 when retail business prices and profits are high compared to the 1930's when wages and products were at an all time low.
 
It is also a fact, that the previous tax cuts provided to business by George Bush during his full eight year term in office did not prevent the present recession, but to the contrary were the main factor in creating it. This present 2009 recession was caused by business sector "GREED"  by not providing their workers with decent wages, profit sharing bonuses, or providing health care for their employees. 
 
Contrary to providing or continuing healthcare for their workers today, a large number of  U.S. firms have now opted to cancel previous health care benefits in hope that our taxpayers will eventually pay for this expense in an effort to protect their  existing greedy profits. 

The U.S. business sector now has the nerve to ask the American people for "additional" tax cuts that are once again counterproductive during a recession period that will only produce more business profits, while average U.S. working or retired people are "losing" their 401-K savings on the Wall Street Market that the business sector largely represent. Many of these working citizens have worked two jobs for many years to achieve the American Dream, but have now sacrificed this dream to the corporate business domain.

We should also take into consideration that during the Great Depression era, taxation on business was at an all time high but it had no impact on the Depression recovery effort, nor will it now.

In addition, please keep in mind that the retail prices and business profits during the 1930s Depression era were very much lower than they are now. During four
years of World War II, U.S. business firms and the wealthy paid a record tax rate of 81% in comparison to approximately 38% during two wars in the Middle East over the past "eight years" even though many business firms have greatly profited from these two wars through "no bid" and hastily approved contracts by our U.S. Government.

It is therefore apparent that the U.S. business sector of 2009 has not paid their fare share of the expense for this nation's two wars in Iraq and Afghanistan as they previously did during the World War II era.  

The taxation history chart below illustrates levels of taxation. Please compare the level of taxation with the growth/recession rates of each period:   DEPRESSION ERA      WORLD WAR 11    KOREAN WAR    VIETNAM WAR   IRAQ-AFGHAN WAR 
Partial History of
U.S. Federal Income Tax Rates
Since 1913
Applicable
Year
Income
brackets
First
bracket
Top
bracket
Source
1913-1915-1%7%Census
1916-2%15%Census
1917-2%67%Census
1918-6%73%Census
1919-1920-4%73%Census
1921-4%73%Census
1922-4%56%Census
1923-3%56%Census
1924-1.5%46%Census
1925-1928-1.5%25%Census
1929-0.375%24%Census
1930-1931-1.125%25%Census
1932-1933-4%63%Census
1934-1935-4%63%Census
1936-1939-4%79%Census
1940-4.4%81.1%Census
1941-10%81%Census
1942-1943-19%88%Census
1944-1945-23%94%Census
1946-1947-19%86.45%Census
1948-1949-16.6%82.13%Census
1950-17.4%84.36%Census
1951-20.4%91%Census
1952-1953-22.2%92%Census
1954-1963-20%91%Census
1964-16%77%Census
1965-1967-14%70%Census
1968-14%75.25%Census
1969-14%77%Census
1970-14%71.75%Census
1971-198115 brackets14%70%IRS
1982-198612 brackets12%50%IRS
19875 brackets11%33%IRS
1988-19903 brackets15%28%IRS
1991-19923 brackets15%31%IRS
1993-20005 brackets15%39.6%IRS
20015 brackets15%39.1%IRS
20026 brackets10%38.6%IRS
2003-20086 brackets10%35%IRS
 
CHART CONFIRMATION LINK:http://www.answers.com/topic/income-tax-in-the-united-states#Tax_rates_in_history
 
Please keep this information in mind should any tax questions or proposals should be considered or introduced by our U.S. Government or the Business Sector in the very near future.                                                
Submitted By:  LEON

 

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Leon is, and always has been, a yellow dog Democrat. He is also a Korea War Veteran and is a retired 76 year old Senior Citizen. He has also been active within his State campaigning for various Democrat candidates during his younger years and has (more...)
 

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